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The Canadian dollar surged after U.S. President Donald Trump moved to advance the construction of the Keystone XL pipeline, which would enable the country to ship more crude oil to the U.S. and buoy growth.

The currency rallied as much as 1 per cent to 76.30 US cents, outperforming all of its Group-of-10 peers and extending its advance this year to 2.1 per cent. It appreciated for a second day, recovering from a two-week low reached on Friday.

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The currency was at 75.99 US cents at 2:22 p.m., close to its 200-day moving average of 76.24 US cents in Toronto.

Trump’s decision to move forward with the pipeline that would transport Alberta oil sands crude to the U.S. Gulf Coast is a departure from the Obama administration, which rejected the project in 2015. It helped reignite a rally in the currency that was halted last week by comments from Bank of Canada Governor Stephen Poloz, who said he was prepared to cut interest rates if the U.S. administration imposes protectionist measures that derail the nation’s economy.