TORONTO -- The Toronto stock market edged higher in light trading Friday that appeared to lack direction ahead of a weekend debt referendum in Greece and with markets in New York shuttered for U.S. Independence Day.

The S&P/TSX composite index closed up 44.40 points at 14,682.39.

Meanwhile, the loonie continued to drift lower, down 0.09 of a U.S. cent at 79.62 cents amid growing concerns that Canada may be in a recession, largely as a result of the plunge in oil prices over the past year.

Fears of a recession -- defined as two consecutive quarters of contraction in gross domestic product -- has increased speculation that the Bank of Canada might reduce its trend-setting interest rate, with negative consequences for the loonie.

On the commodity markets, oil prices continued their recent downward spiral. Around 4 p.m. Friday, the August crude contract was down $1.41 to US$55.52 a barrel, a level last seen in mid-April. The August gold contract was up $4.30 at US$1,167.80 an ounce.

New York markets were closed Friday in advance of the July 4th holiday, which falls on Saturday this year, but not before also putting in a losing week blamed largely on the uncertainty over Greece that produced its biggest single loss of the year on Monday.