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[Ctrl][Up] works in Vista onwards to move up a folder. It's worth knowing.

<Backspace> does this, since XP I think - ^↑ doesn't seem to work for me in Win 10.

Backspace is "back" not "up a folder level" as far as I am aware. This is consistent with web browsers - and indeed the conceptual meaning of "backspace" (go back 1)

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