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The Swiss pro has now moved up to world number three following a 6-4 6-4 6-4 victory on Centre Court at the All England Club to set up a showdown against Novak Djokovic on Sunday.
The seven-time Wimbledon champion had the perfect start by earning a break at the first time of asking, which left Raonic immediately on the back foot.
After his early wobble, the Canadian regained composure on his serve and was able to salvage two break points in the fifth game to keep himself in contention.
However, Federer kept his opponent at an arm's length as he raced through his service games bar one, where he was close to losing a break, to take a one-set lead.
Games went by way of serve in the second set, but Raonic continued to struggle to break down Federer's serve as the former world number one earned a crucial break in the ninth game to take a comfortable lead.
Federer continued to soar through his service games in the third set, but he failed to create a break-point opportunity for himself until the ninth game when Raonic could only gain one point on his serve.
Federer served for the match, and is now one victory away from claiming his eighth Wimbledon title.