Canada moved up eight spots in the latest FIFA men's rankings after finishing fourth at the Copa America.

The Canadians, who narrowly lost to Uruguay in Saturday's third-place game at the tournament, sat 40th in the rankings released Thursday by soccer's world governing body.

Canada's highest ranking was 33rd on Feb. 10, 2022, during its successful qualifying run for the 2022 World Cup.

Canada remained fourth in the CONCACAF federation, which covers North and Central America and the Caribbean. Third-place Panama also jumped eight spots to 35th after advancing to the Copa America quarterfinals.

WATCH | Marsch pleased with Canada's inaugural Copa America performance:

Canada's coach says soccer team ‘exceeded all of my expectations’ at Copa America

Canada’s national men’s soccer team lost to Uruguay in a penalty shootout in Saturday’s Copa America third-place game. Despite the heartbreaking loss, the Canadians secured a respectable fourth-place finish in their debut at the tournament — a result that makes head coach Jesse Marsch really proud.

Venezuela, which Canada defeated on penalties in the quarterfinals, was the biggest riser, jumping 17 spots to 37th. Czechia took the biggest fall, dropping 13 points to 47th after taking just one point in three games at the European Championships.

World Cup champion Argentina, which had a pair of 2-0 victories over Canada en route to claiming its record 16th Copa America title, remained at No. 1. France, Euro 2024 champion Spain, runner-up England and Brazil rounded out the top five.