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Mexico also won, beating New Zealand 5-0 in the consolation bracket to finish seventh at the Cyprus Cup.
In Faro, Portugal, Carli Lloyd scored for a third straight game and Alex Morgan tallied her third goal in two games to pace the United States over Iceland 4-2. The Americans, playing in a ninth consecutive Algarve final , won for a second straight year and fourth time in five years.
After Lloyd gave the United States the lead in the eighth minute, Katrin Ommarsdottir and Hallbera Gisladottir scored two minutes apart to put Iceland ahead midway through the first half.
Lauren Cheney equalized two minutes for halftime, and Heather O'Reilly restored the U.S. lead in the 57th, pouncing on a rebound of an initial shot by Boxx.
Morgan, who had two in Monday's 4-0 victory over Norway, completed the scoring in the 87th.
The United States outshot Iceland 23-7 and had 10 on goal, while limiting the Europeans to three.
In Paralimni, Cyprus, Emily Zurrer converted from a corner kick in extra time to lift Canada over the Netherlands 2-1. It was Zurrer's second goal of the tournament, having the lone strike in the Canadians' opening 1-0 victory over Scotland.
Canada led on Jonelle Filigno's second goal in three games in the 20th minute. Claudia van den Heiligenberg tied it for the Dutch five minutes before halftime.
Canada, which defeated New Zealand to win the title last year, won for the third time in the four years of the event. It also finished runner-up to England in 2009.
Earlier in Paralimni, Stephany Mayor scored three and Dinora Garza had another to lead Mexico. All the scoring came in the second half, including an own-goal in the 83rd.
Mayor scored in the 51st and 63rd minutes before Garza increased the lead in the 78th. Mayor completed the scoring in the 86th minute.
