UPDATE 1-Canada concerned by C$, sees no strong growth

OTTAWA Oct 21 (Reuters) - Canadian Finance Minister Jim Flaherty said on Wednesday he shared the Bank of Canada's concern about the sharp rise in the Canadian dollar, noting that entrenched economic growth had yet to take hold.

"I agree with the comments by the governor," Flaherty told reporters. "He is concerned about volatility in the (Canadian) dollar."

Flaherty said higher oil, gas and commodity prices had bolstered the currency, while overall weakness in the U.S. dollar, which he said was a concern, was also a factor.

But he added: "Our economy is stabilized but we have not seen evidence of firm, significant, entrenched economic growth in Canada." (Reporting by Randall Palmer; editing by Rob Wilson)