* C$ dips to 94.09 U.S. cents
* Bonds edge up on low risk appetite
* Next up: Canada Q2 and June GDP at 8:30 a.m. (1230 GMT)
TORONTO, Aug 31 (Reuters) - Canada's currency was mildly weaker against the U.S. dollar, while bond prices held firm, ahead of second-quarter economic growth figures on Tuesday.
North American stock index futures were pointing to a lower open to track overseas equities markets, while commodity prices were also softer, on a day where a big list of economic indicators are on tap.
Canadian markets were focused on second-quarter gross domestic product data at 8:30 a.m. (1230 GMT), the final piece of Canadian economic data that will feed into expectations of whether the Bank of Canada will raise interest rates next month.
Economists surveyed by Reuters forecast, on average, 2.5 percent annualized growth in second-quarter GDP, much slower than the first-quarter growth of 6.1 percent, and also below the Bank of Canada's projection of 3 percent expansion. [ID:nN2750745]
"We're in an environment where there's a bit of reduced risk appetite anyway today but I think that's a backdrop for fear that Canadian economic momentum may surprise a bit on the downside here," said Michael Gregory, senior economist at BMO Capital Markets.
"Growth is definitely coming in under where the Bank of Canada had projected, and that's causing speculation about the Bank of Canada pausing."
Ahead of the data, markets on Tuesday were leaning towards the bank keeping the rate unchanged, as measured by a Reuters calculation of yields on overnight index swaps.
That compares to near-certainty among Canada's primary securities dealers, who forecast the central bank will raise its key rate by a quarter-point to 1.0 percent on Sept. 8, with many arguing that rates are unsustainably low. The central bank has raised rates twice since the beginning of June. [CA/POLL]
"Everything on the ground now probably says it's okay to continue raising rates if your mission is to eventually get rates higher over time...but there are these clouds gathering on the horizon," said Gregory.
At 7:45 a.m. (1145 GMT), the Canadian currency was at C$1.0628 to the U.S. dollar, or 94.09 U.S. cents, down from C$1.0605 to the U.S. dollar, or 94.30 U.S. cents, at Monday's close.
The two-year bondgained 4 Canadian cents to yield 1.227 percent, while the 10-year bond jumped 13 Canadian cents to yield 2.763 percent.
Apart from the Canadian GDP data, there is also a rash of U.S. data on Tuesday, including housing price data, consumer confidence, and the Chicago PMI.
Minutes from the U.S. Federal Reserve's last board meeting are also due, giving investors further insight into divisions within the Federal Open Market Committee and its August 10 decision to buy longer-term Treasury securities.
(Reporting by Ka Yan Ng;Editing by Chizu Nomiyama)
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