TORONTO — The Canadian dollar surged to its highest level in more than three months after the country’s jobless rate hit a four-decade low, as the Toronto stock index fell.

The loonie closed at an average trading value of 80.63 cents US, up 0.73 of a U.S. cent on Friday – its highest level since Sept. 26.

The currency’s move higher came in the wake of a report by Statistics Canada that the economy created 78,600 net new jobs in December and the unemployment rate fell to its lowest point in more than 40 years.

Less promising, however, were U.S. Labor Department figures which showed that American employers added 148,000 jobs in December – a solid gain but a bit less than experts expected.