Canada economy takes biggest quarterly drop in 7 years, grows in June

OTTAWA (Reuters) - Canada's economy shrank in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production caused by wildfires in Alberta, but growth was still seen as likely to rebound later this year. Although the second-quarter contraction was somewhat larger than the Bank of Canada had anticipated, the figures released on Wednesday were not expected to move the central bank off the sidelines at its meeting next week. Markets see a 92 percent probability that the bank will hold rates at 0.50 percent. [CA/POLL] --MORE...