Futures on the S&P/TSX index were up 0.2% at 6:43 a.m. ET, while their U.S. counterparts also edged up. [.N]

Investors are on edge ahead of the personal consumption expenditure (PCE) report, which will be crucial in gauging the pace and size of future interest rate hikes from the U.S. Federal Reserve.

The report, which is due at 8:30 am ET, will follow data from the U.S. on Thursday which showed economic resilience and fueled fears the Fed will remain aggressive in its monetary policy tightening.

The benchmark Canadian index closed lower in the previous session and is on track for its third consecutive week of losses.

Oil prices rose 2% on Friday on expectations of a drop in Russian crude supply, while gold prices edged higher ahead of the U.S. economic data. [O/R] [GOL/]

On the docket, Canadian GDP data will come out before markets open, with expectations of a 0.1% increase in the month of October.

Canadian markets will remain closed on Monday and Tuesday next week, owing to Christmas and Boxing Day observances.

Among individual stocks to look out for, Canada awarded two contracts valued at up to C$1.24 billion ($908.69 million) to support the CH-149 Cormorant helicopter fleet, which contributes to search and rescue operations to Canadian company CAE Inc and Britain's Leonardo U.K. Ltd of Yeovil.

CIBC cut automobile dealership company AutoCanada Inc to "neutral" from "outperformer".

($1 = 1.3603 Canadian dollars)

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Krishna Chandra Eluri)