The loonie hit US80¢ on Monday against a weakened U.S. dollar and amid further signs of a strengthening Canadian economy.

Throughout the day, the Canadian dollar bobbed around that mark — a level it hasn’t closed at in more than two years — before falling to an average trading price of US79.92¢.

That was 0.23 of a cent higher than Friday’s average trading price.

The currency has been climbing since the middle of June, when speculation grew that the Bank of Canada was going to raise its key benchmark interest rate.

The central bank hiked its key interest rate on July 12, its first rate increase since 2010.

On Bay Street, Canada’s main stock index pulled back moderately as gold and materials stocks lost ground.

The Toronto Stock Exchange’s S&P/TSX composite index was down 54.44 points to 15,128.69.

In New York, the Dow Jones industrial average declined 66.90 points to 21,513.17 and the S&P 500 index lost 2.63 points to 2,469.91. The Nasdaq composite index was up 23.06 points to 6,410.81, a record high.

In commodities, the September crude contract added US57¢ to US$46.34 per barrel and September natural gas fell eight cents to US$2.88 per mmBTU.

August gold lost US60¢ at US$1,254.30 an ounce and September copper was up US1¢ to US$2.74 a pound.