"The UK's vaccination campaign faces a bump in the road owing to the EU's plans to restrict vaccine exports," said Shaun Osborne, Chief FX Strategist at Scotiabank.
BMO shares rose 2.8% to C$104.68 in morning trading in Toronto, on track for their highest close since May 2019. Scotiabank shares increased 2.7% to C$74.01, heading for their best day in over a year.
Scotiabank took PCLs of C$764 million, compared with the expected C$928 million.
Investors largely shrugged off comments by US President Donald Trump that a nearly $900 billion stimulus bill, agreed upon after months of wrangling in Congress, was "a disgrace" that he might not sign.
China will maintain policy support for its economic recovery, avoiding a sudden shift in policy, to help keep economic growth within a reasonable range in 2021, the Xinhua news agency said on Friday.