The chief economist of Royal Bank of Canada’s asset management division says there is a 35 per cent chance that the BoC will make a further cut in interest rates in the coming months. Eric Lascelles says that with the weaker loonie still not boosting exports enough and the oil price staying low there may be further action required but that a lot depends on the capital expenditure of energy companies. He also sees a 25 per cent chance of a recession. The Bank of Canada will be announcing its next interest rate decision on July 15.