Helped by a stronger currency and a rebound in traffic, Air Canada narrowed its first-quarter loss to slightly more than $81.5 million, compared to a $383.6 million deficit in the same period last year. CEO Calin Rovinescu said the industry remained "fragile," noting that premium ticket sales are still down from pre-recession levels. "We haven't seen a full recovery of people buying business-class fares freely," he said.

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