USD/CAD climbs despite oil rise ahead of the Bank of Canada

Bank of Canada decision due at the top of the hour

Here is the quick timeline

• 10:00 am ET (1400 GMT) - statement and MPC (which includes forecasts) are released
• 11:15 am ET (1515 GMT) - Poloz and Wilkins hold press conference
• 4:15 pm ET (2015 GMT) - Poloz and Wilkins appear at Senate committee

The statement, MPC and press conference are all posted/streamed on the BOC website.

• Preview: Bank of Canada to downgrade forecasts, but pessimism overdone
• Preview: What are the banks looking for from the Bank of Canada today?

In the run-up to the decision, oil is rallying and up $0.82 to $51.11, a session high. Normally that would weigh on USD/CAD but the pair has gained 40 pips in the past hour.