The Bank of Canada (BoC) Governor Stephen Poloz said in a speech on Thursday that the weak Canadian dollar helps the Canadian economy to adjust to low oil prices.

"The depreciation of our currency is a natural part of the process," he noted.

"Movements in exchange rates are helping economies, including ours, make the adjustments that must take place," Poloz added.

Poloz pointed out that the central bank's monetary policy is focussed on the inflation target.

"The Bank of Canada will continue to run an independent monetary policy, anchored by our inflation target, and we will use our tools to manage risks along the way," the BoC president said.