I'm opening my Canon 70D RAW files with Camera Raw 8.4.1. After this step, I open the corrected file in Photoshop CC. At this point colors have changed, everything is duller and less contrasted.
Camera Raw color management: Adobe RGB, 16Bit.
Photoshop color management: RGB: Adobe RGB (prepress Europe 3)
Also, no color proofing is active.
How can I correct this issue?
This is a problem with your display profile. The conversion from source profile to display profile is not the same in these two cases, so a bad display profile can show up this way.
ACR converts from its internal working space, linear ProPhoto. Adobe RGB is just the export color space here, so irrelevant. Photoshop OTOH converts from Adobe RGB.
Recalibrate, and examine your calibrator's settings. V4 profiles and LUT-based profiles have caused problems for some, so try v2 and matrix-based if you have these options. You can also test by substituting a known good profile, which would be sRGB for a standard display, or Adobe RGB for a wide gamut one.
Thank you, I recalibrated the monitor and the issue is gone.