Along with Saskatchewan Highway 40 (with which it connects at the boundary), it forms part of the Poundmaker Trail, named after Chief Poundmaker of the Cree.
At Cut Knife is the world's largest tomahawk, the Poundmaker Historical Centre and the Big Bear monument.
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Cut Knife is named after Cut Knife Hill (now called Chief Poundmaker Hill) situated on the Poundmaker reserve.
On 2 May 1885, a military force of 332 Canadian troops, led by Lieutenant-Colonel William Dillon Otter, attacked Poundmaker's camp near Cut Knife Hill.
On May 2, 1885, he led a Canadian force of more than 300 in the Battle of Cut Knife against Poundmaker's Cree Indians.