The Toronto Stock Exchange's S&P/TSX composite index ended down 93.01 points, or 0.5%, at 19,931.62, after posting on Friday its highest closing level in 10 days.
"There really isn't too much excitement today since we have a BoC interest rate announcement later in the week," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.
The BoC became the first major global central bank to pause its rate-hike campaign in January, but the economy's surprisingly strong performance since then will test Governor Tiff Macklem's resolve to stay on the sidelines at a policy decision on Wednesday.
Heavily weighted financials fell 1%, while energy was down 0.6% even as Saudi Arabia pledged to cut oil production in a move that boosted oil prices. Oil settled 0.6% higher at $72.15 a barrel.
"Oil might remain stuck in a trading range until we see evidence that China's recovery is improving," Edward Moya, senior market analyst at OANDA, said in a note.
Health care fell 1.2%, weighed by a 7.9% decline for the shares of cannabis producer Canopy Growth Corp.
On Friday, S&P Dow Jones Indices said it would delete the once high-flying stock from the Composite Index prior to the open of trading on June 19.
Technology was the lone sector to gain ground, up 0.5%.
(Reporting by Fergal Smith in Toronto and Johann M Cherian in Bengaluru; Editing by Marguerita Choy)
By Johann M Cherian and Fergal Smith
