Canada's main stock index reversed course to trade up on Friday, lifted by energy stocks on the back of stronger crude prices, and was on track to snap its two-week losing streak.

At 9:57 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 15.49 points, or 0.07%, at 21,308.45. For the week, it has gained 0.9% so far after hitting a 7-week high on Wednesday on stronger commodities.

The energy sector climbed 1.3% as oil prices rose and were on pace for a fourth weekly gain, boosted by supply constraints and a weaker dollar.

"As far as Canada goes, there isn't much news on this side of the border today. We're mostly just following the US markets," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Consumer discretionary sector led the losses, down 1%, followed by the material sector, which includes precious and base metals miners and fertilizer companies, slipping 0.3% on weaker copper prices.

The benchmark index gained 22% in 2021, its best yearly performance since 2009, supported by massive stimulus, vaccine rollouts and hopes of a global economic recovery.

However, the index recently lost steam as investors grew concerned about the prospect of a more hawkish US Federal Reserve this year.

The financials sector,which account for about 30% of the Toronto market's value, declined 0.1%, mirroring weakness in their US peers following quarterly results.

Highlights

The TSX posted four 52-week highs and three new lows.

Across all Canadian issues there were 16 new 52-week highs and 30 new lows, with total volume of 46.79 million shares.