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TORONTO, March 26 (Reuters) - The Canadian dollar gained ground against the U.S. dollar after Bank of Canada Governor Stephen Poloz said on Thursday the central bank's January rate cut had bought the central bank some time to examine the effects of cheaper oil.
The Canadian dollar weakened briefly to C$1.2462 against the greenback, or 80.24 U.S. cents, immediately after details of the speech were released, but then climbed to C$1.2435, or 80.42 U.S. cents. That was firmer than Wednesday's North American session close at C$1.2517, or 79.89 U.S. cents. (Reporting by Andrea Hopkins)