The Canadian dollar rose to a one-week high against the U.S. dollar on Wednesday after the Russian central bank said it was preparing to invest some of its foreign exchange reserves in the Canadian currency.

"Technical preparations are underway for operations with Canadian dollars. Then there could be a couple of other currencies and this will be it," Russian central bank official Sergei Shvetsov said.

The U.S. dollar fell to a one-week low of C$1.0479 from around C$1.0520 before the Russian central bank comments, Reuters prices showed.

The Canadian currency was last up around 1 percent on the day against the greenback.