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Canadian energy firms have quietly outperformed their U.S. counterparts this year and, even after the run, a chorus of positive outlooks on the sector to the north continues.

Canada’s energy index has risen about 12.7 per cent in 2019 versus 5 per cent for the comparable U.S. gauge, led by pipeline firms including TC Energy Corp. and Enbridge Inc., which have risen about 39 per cent and 19 per cent respectively. Meanwhile, the Permian Basin and U.S. shale boom has decelerated.

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“The Canadian industry has been starved of capital for four years now,” Rafi Tahmazian, senior portfolio manager at Canoe Financial, said in an interview on BNN Bloomberg Thursday. He sees the U.S. just beginning to enter a phase that Canada was in, and thinks Canada’s industry is “on the edge of extreme profitability.”