Canadian Dollar Drops After Economy Contracts in April on Energy

The Canadian dollar fell following the release of data showing the economy contracted in April on declines in mining and energy.

The loonie, as the currency is known for the image of the aquatic bird on the C$1 coin, traded 0.2 percent lower at 8:51 a.m. in Toronto at C$1.2424 per U.S. dollar. Earlier it fell to C$1.2427. One Canadian dollar buys 80.50 U.S. cents.

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