To the extent that this dampening effect offsets the initial direct increase in demand, there's no need for a policy response. Aggregate demand and supply remain in balance, and inflation stays on target. A Type Two exchange rate movement is one that is not triggered by a change in aggregate demand for Canadian goods and services.
But, as you might expect, the currency movement itself affects the demand for Canadian goods and services, by making them more, or less, competitive relative to goods and services produced elsewhere.