Current cuddly toy has lost its head (4)

I believe the answer is:

eddy

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'current' is the definition.
(eddy is a kind of current)

I can't explain the rest of the clue.

(Other definitions for eddy that I've seen before include "religious leader" , "Small circular movement of water" , "Spin" , "She founded Christian Science in 1866, d. 1910" , "Circle around" .)

I've seen this clue in The Times.

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