FIFA has a formula to determine their monthly rankings. Many think the rankings are a joke but they matter when it comes to official tournaments, including the World Cup.
Generally, the Copa America tends to bring down Mexico's ranking due to El Tri usually fielding a B squad but not this time around. Phillip Bupp over at 32 Flags has predicted Mexico will move up two spots to 14th in the world. This leaves Mexico as the highest ranked CONCACAF team, with the US (25th) and Costa Rica (28th).
But the FIFA Rankings that matter the most will be the ones released in December 2017. That list will determine the seven countries that will join Russia in the seeded pot of the World Cup. Mexico has peaked at #5 on the FIFA rankings before, in 1997 and 2005. They were a seeded country in the draw for the 2006 World Cup. For now, Mexico has a long way to go if they plan to crack the top seven in the world by next December.