TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Friday, adding to its weekly gain, as few new details on proposed U.S. tariffs led to broad-based declines for the American currency.

The loonie was trading 0.2% higher at 1.4350 per U.S. dollar, or 69.69 U.S. cents, after moving in a range of 1.4316 to 1.4383.

For the week, the currency gained 0.9%, as it recovered from a near five-year low at 1.4515, it hit on Tuesday.

"The Canadian dollar is benefitting from broad USD weakness as investors remain skeptical of the degree and severity of tariff implementation in the absence of any new announcements," said Jayati Bharadwaj, a global FX strategist at TD Securities.

U.S. President Donald Trump has threatened to impose sweeping tariffs on trading partners, including a 25% tax on goods imported from Canada.

The premier of Ontario, Canada's most populous province, said he would call an early election, citing the need for a strong mandate to fight against tariffs.

The price of oil, one of Canada's major exports, settled slightly higher at $74.66 a barrel but was down for the week after Trump announced sweeping plans to boost domestic production while demanding that OPEC move to lower crude prices.

Canadian factory sales most likely rose 0.6% in December from November, largely driven by increases in the petroleum and coal products as well as food subsectors, a preliminary estimate showed.

Canadian bond yields moved lower across the curve, with the 10-year down 3.4 basis points at 3.430%.

(Reporting by Fergal Smith; editing by Diane Craft)

By Fergal Smith