Bank of Canada decision March 4, 2015

  • Rates were lowered to 0.75% in January
  • Says inflation risks are 'now more balanced'
  • Oil impact may be more front-loaded than believed
  • Easing conditions will mitigate negative effects of oil drop
  • Jan rate cut caused financial conditions to ease materially
  • Current degree of stimulus is appropriate

That's a neutral-sounding bias. USD/CAD dropping but there's a big US dollar bid coming through the market and that's skewing the trade. The loonie is ripping on the crosses.