Phil Mesman, an analyst at Picton Mahoney Asset Management, said a further 50 basis point cut by the Bank of Canada looks like an insurance cut, and the central bank is acting now because it expects low inflation and wants stronger economic growth. The portfolio manager said that while the Bank of Canada remains dependent on data, it could still cut rates by another 50 basis points in December if inflation and economic growth are in line with the central bank's revised forecast or lower.