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Canada-USA women's final set up at the Winter Olympics

Jillian Saulnier of Canada comes up against Russia's Yekaterina Smolina on Monday REUTERS/Grigory Dukor

Four-time defending champion Canada and reigning world champion United States advanced to the PyeongChang Olympic women's hockey final with clinical shutout triumphs on Monday, setting up another showdown for gold between the arch-rivals.

The Canadians stretched their Olympic winning streak to 24 games and kept alive their drive for five consecutive gold medals by thrashing the Olympic Athletes from Russia 5-0.

"It is kind of exciting but we are only here for one reason," Canada's Meghan Agosta said.

"We just need to carry on the momentum. There is no doubt in my mind we are the better team."

The US women, who have not won Olympic gold for 20 years, blanked Finland 5-0 to reach Thursday's title game.

"It is honestly a dream come true," US forward Hilary Knight said.

"It is the world's biggest stage - the game you have been dreaming of. You have to keep working and do the things you do well."

Only once in Olympic or world championship history has the final not been contested by the two teams.