A downhole magnetic ranging tool includes first and second axially spaced magnetic sources deployed in a downhole tool body. The first and second magnetic sources have magnetic moments that axially opposed one another. A magnetic field sensor is deployed axially between the first and second magnetic sources. The tool may be utilized, for example, in subterranean well twinning, well intercept, and well avoidance operations to obtain a separation distance and dip angle between a drilling well and a target well.