Canada's economy likely contracted 0.2% in May, largely on a drop in oil and gas output, official data showed, while GDP growth in April was in line with analyst forecasts. Shares of Canopy Growth Corp WEED.TO tumbled 18.5%, hitting their lowest level since August 2016, while Air Canada AC.TO lost 6%. "I think that fears over recession are continuing to drive sentiment at the moment, driven by central banks continuing to warn that the battle against inflation will likely be a long one," said Stuart Cole, head macro economist at Equiti Capital.