The Bank of Canada maintained its 1 percent central interest rate Tuesday for the 13th time in more than two years.
Its economic forecast for Canada was mostly positive and more restrained about the United States and other countries' recovery from recession.
"Overall, economic momentum in Canada is slightly firmer than the bank had expected in January," the bank release said. "Europe is expected to emerge slowly from recession in the second half of 2012, although the risks around this outlook remain high."
The central bank said the U.S. recovery is "more resilient and financial conditions more supportive than previously anticipated."
The persistent strength of the Canadian dollar, or loonie, was seen by the bank as problematic in dragging down exports.
A report last week by Statistics Canada noted the country's international trade surplus plummeted from $1.9 billion in January to $292 million in February.