Canada’s main stock market in Toronto fell back from year-long highs as banks and energy stocks weighed on overall market.
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The combination of higher valuations and possible interest rate increases may lead to a “correction in equity markets”, Zohny added.
In Canada, the S&P/TSX composite index rallied 30 points, or 0.20 per cent to 14,777.
Eight of the TSX’s main 10 groups were in negative territory. Financials account for more than a third of the index’s weight.
On the stock exchange in Toronto, the materials group, which includes precious and base metals miners as well as fertilizer companies, lost 0.6 percent. Spot gold rose 0.5 per cent, but some earlier gains were pared.
On Monday, major US equity markets, the Dow Jones Industrial Average, S&P 500 Index, and Nasdaq composite all closed at record levels.
The September crude contract was up $1.25 at US$45.74 per barrel and September natural gas was unchanged at US$2.59 per mmBTU.
Avigilon Corp (AVO.TO) slumped 25 percent after ratings agency downgrades.
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Shares in Alimentation Couche-Tard Inc rose 2.6 percent to C$61.65.
