The Bank of Canada (BoC) Governor Stephen Poloz said before the House of Commons Standing Committee on Finance on Tuesday that the recent economic data was encouraging but also quite variable.

He noted that there was no evidence of higher investment.

"We have not yet seen concrete evidence of higher investment and strong firm creation. These are some of the ingredients needed for a return to natural, self-sustaining growth with inflation sustainably on target," Poloz said.

The BoC governor also said that the Canadian economy was hit by a drop in oil prices.