Canadian dollar falls to 76.23 cents

Energy producers paced a decline in equities as crude futures dropped as much as 2 percent in New York amid an increase in U.S. drilling and the prospect OPEC production may rise to a record after sanctions on Iran are lifted. Bank of Nova Scotia lost 1 per cent to $60.85, and the overall financials group retreated 1.0 per cent.

On the TSX, the place power makes up a big portion of the index, “you’re actually getting the aid rally in power and supplies after such a precipitous drop within the shares for such a very long time”, he stated.

Telecom sector provided the only one bright spot, as Rogers Communications gained 37 cents, or 0.8 percent, to 45.68 Canadian dollars.

Industrials and utilities were also in negative territory as Emera Inc. lost 2 percent and ATCO Ltd. shed 1.4 percent. With the modest uptick, the housing market index reached its highest level since hitting a matching reading in November of 2005.

German economic growth is set to remain strong in the second half of the year, Bundesbank said in its monthly report on Monday.

Cieszynski said that the day-to-day volatility in the Chinese stock market is only a concern for Canadian investors if it heralds a slowdown in China’s economy and its voracious appetite for resources.

Overseas, Japan reported its recovery stalled in the April-June quarter, with gross domestic product contracting at a 1.6 per cent annual pace as a result of weaker domestic demand and slowing exports, which fell 16.5 per cent from a year earlier. It was the highest level since December 2014, when surplus totaled Euro 22.5 billion.

German Chancellor Angela Merkel suggested in a television interview on Sunday that the third bailout for Greece is likely to succeed as the government is taking right steps.

Though the Greek government has made progress in implementing reforms, it remains to be seen if it will continue such performance, Merkel said in an interview to the German broadcaster ZDF.