The Bank of Canada (BoC) Governor Stephen Poloz said on Tuesday that he hopes Canada's economy bounce back in the second quarter. The central bank forecasted a zero growth in the first quarter.

"The Canadian rebound hasn't been as quick as we'd like, but recent data have been encouraging," Poloz said.

He noted that there is uncertainty about the country`s outlook due to recent increase in oil prices and the strong Canadian dollar. But he added that the Canadian economy is on track to return to full capacity around the end of 2016.

The BoC governor hopes to see more business investment.

Poloz pointed out that the January interest rate cut is working.