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From CBC News:

Canadian police and intelligence agencies will announce later today they have thwarted a plot to carry out a major terrorist attack, arresting two suspects in Montreal and Toronto, CBC News has learned.

Highly placed sources tell CBC News the alleged plotters have been under surveillance for more than a year in Quebec and southern Ontario. The two men are expected to appear in court tomorrow.

The investigation was part of a cross-border operation involving Canadian law enforcement agencies, the FBI and the U.S. Department of Homeland Security.