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Canadian CPI tops the economic news of the day as markets receive the Fed's Beige Book and the Department of Energy's weekly oil inventories. In the afternoon, markets will also be paying attention o the sales of $31 billion in two-year Treasury notes.

In the U.S., the Mortgage Bankers Association will release mortgage applications for the week ending July 18 at 7 a.m. EDT. In the previous week, applications rose 1.7%.

Economic conditions across the United States have slowed since February, the Federal Reserve's Beige Book noted, as nine of the 12 districts report slowing economic activity.

The report noted consumer spending is "softening" across much of the U.S. while residential construction is "generally anemic."

"Reports from the twelve Federal Reserve districts indicate that...