The Bank of Canada has already cut short-term borrowing rates twice with an additional 3 to 4 cuts expected before the end of the year and 6 to 7 cuts over the next twelve months.

"The U.S. Federal Reserve is widely expected to start cutting in September as well, with the market pricing a similar pace of easing.

"We believe the highest quality dividend-paying stocks are particularly well-positioned to outperform in a falling rate environment as investors redeem cash and cash-like alternatives whose yields are expected to decline over the coming months."