Canadian´s dollar dropped for the first time in eight days, against the greenback on forex trading as stocks and crude oil decreased and consumer confidence declined.

Canadian dollar, known as the loonie, depreciated 0.6 percent to C$1.0882 per U.S. dollar in Toronto trades. It had actually reached the strongest level since October 2008, at C$1.0750. One Canadian dollar is buying 91.90 U.S. cents.

Loonie had remained the best performer this month against the U.S. dollar among 16 major active currencies. It gained as much as 6.6 percent.

According to Reuters "World stocks slide as poor results, sentiment weigh," while crude oil fell 2 percent.

Dollar was on the rise, picking up from its lowest 2009, after U.S. consumer data was released.

Crude oil and stocks fell on Tuesday after a drop on U.S. consumer confidence in July and really poor development by corporations.

"The (U.S.) consumer confidence number was a big shocker, not necessarily the headline but definitely the sub-component for the labor market," said Kenneth Broux, financial market economist at Lloyds Banking Group in London.

U.S. dollar declined against major currencies this month, except for Mexico peso, South African rand and British pound.

Projections expect Canadian loonie to weaken to C$1.15 by the end of this quarter.