Although market players did not expect the measure to mitigate the impact of the coronavirus pandemic, but hoped it could avert a global depression with the help of other state rescue packages.
The United States was also nearing a deal on a $2 trillion economic rescue package.
At 9:33 a.m. ET (1333 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 710.27 points, or 6.33pc, at 11,938.76.