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TORONTO — The Canadian dollar strengthened to a two-month high against its U.S. counterpart on Friday, as the greenback broadly fell and oil prices rose, with the loonie on track to post its biggest yearly advance since 2009.

The loonie has climbed 7.2 per cent in 2017, its second straight year of gains as Canada’s economy recovered following a plunge in the price of oil, one of the country’s major exports.

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U.S. oil prices have rebounded to reach their highest since mid-2015 as an unexpected fall in American output and a fall in commercial crude inventories stoked buying. U.S. crude prices were up 0.48 per cent at $60.13 a barrel. The U.S. dollar slipped to its lowest in more than three months against a basket of major currencies as the euro and sterling climbed.