Canada's central bank is keeping its benchmark interest rate right where it is, suggesting it views the recent slowdown of Canada's economy as "temporary."

The Bank of Canada on Wednesday maintained its target for the overnight rate at 1.75 per cent, citing accumulating evidence the economy was showing signs of slowing down in the latter half of last year and into the start of this one, before picking up in the second quarter of 2019.

The bank noted consumer spending and exports have shown signs of improving in the second quarter, and strong job numbers suggest "businesses see the weakness in the past two quarters as temporary."