In a large pot, prepare pasta according to package directions.
Meanwhile, in large skillet, heat canola oil over medium-high heat.
Cut bacon in small pieces and cook in skillet until crispy (about 7 minutes).
Remove cooked bacon from skilled and drain on paper towels.
Reserve 1/4 cup of bacon fat; discard the rest of the bacon fat.
Add reserved bacon fat back into the skillet.
Add flour and stir for one minute until it starts to gets pasty.
Whisk in the milk. Continue to cook over medium-low heat, whisking occasionally, until the milk begins to thicken — about 5 minutes.
Add cheese, salt and pepper and stir until cheese is melted.
Add cooked and drained pasta and stir to combine.
Stir in cooked bacon