10/17/2014 08:55 EDT | Updated 12/17/2014 05:59 EST

Gonzalo update from Canadian Hurricane Centre

Hurricane Gonzalo is bearing down on Bermuda today, as meteorologists wonder whether the storm would make landfall on Newfoundland's Avalon Peninsula this weekend.

Gonzalo is currently a Category 4 hurricane. It's exact path is unknown.

Nova Scotia will likely be spared from the worst of the storm's wrath, except for some waves and wind that may be kicked up as it heads towards southwestern Newfoundland this weekend. 

Steve Hatt, a meteorologist with the Canadian Hurricane Centre, said Friday morning that Gonzalo will pack a punch, even though it won't be a hurricane when it arrives.

"There is about a 50 per cent chance that it's going to make landfall over the Avalon, and a 50 per cent chance roughly that it's going to stay offshore," he told CBC News.

Either way, Hatt said, residents of the Avalon and Burin peninsulas should brace for high winds.

Very high winds are expected on the Grand Banks, which could have implications for mariners and the offshore oil industry.

Hatt said current projections have Gonzalo arriving in Newfoundland "very early on Sunday morning — somewhere between 3 and 6 on Sunday morning."