Bank of Canada: many factors at play in strong C$

TORONTO, March 29 (Reuters) - Many factors are responsible for driving up the value of the Canadian dollar, the Bank of Canada said on Monday as the currency firmed against the U.S. dollar on investor relief over plans to deal with Greece's debt troubles.

Bank of Canada Senior Deputy Governor Paul Jenkins said the central bank does not target a specific level for the currency, focusing rather on a 2 percent inflation target.

"Its movements reflect many different factors at play. On the one hand people point to commodity prices. On the other hand there have been comparisons made to movements in the Australian dollar," Jenkins told reporters after a speech.

"As you well know, in running monetary policy, our focus is on inflation control. It's not to suggest we have a target value for the exchange rate."

He also said the G20 group of emerging and industrialized powers needed to make progress on financial regulatory reform, particular making the handling of derivatives more "robust." (Reporting by Ka Ya Ng; writing by Louise Egan; editing by Rob Wilson)