The duo completed 36 holes at 12-under-par 131.
Both players competed on the par-72 Raven Golf Club, while the par-71 Georgian Bay Club hosted the other half of the field.
Aron Price, who led after the opening round, posted a 4-under 67 at Georgian Bay and is tied for third at minus-11. He was joined there by Casey Wittenberg (66), Sebastian Fernandez (65), Chris Tidland (65) and Gibby Gilbert III (63), all of whom played the Raven Club on Friday.
Points played the back nine first on Friday and opened with a birdie at 10. After a birdie on the 13th got him to four-under, Points reeled off three straight birdies from the 15th to jump to 7-under.
Around the turn, Points notched back-to-back birdies from the first. He continued his roll with a birdie on the par-5 fourth. After a birdie on five, Points made it three in a row with a birdie at the sixth. He parred the last three to share the lead.
'Anytime you have more birdies than pars in a round is a good thing, but I wouldn't be a professional if I didn't say I left a couple out there,' Points stated. 'And I did, I only made one putt outside of 10 feet all day, the rest were all pretty close.
McCarthy also birdied the 10th at Raven Golf Club to start his round. He poured in birdies at 13 and 14 to move to 8-under.
He converted his fourth birdie effort on the par-5 16th. McCarthy parred his next seven holes before making eagle at the par-5 sixth.
'I eagled No. 6 from the right rough, kind of lucky actually,' McCarthy admitted. 'I hit my tee ball in the right rough and thought I could hit the 3-wood up there close...Well it came out left like I had anticipated and ended up going into the bunker just short of the green, it rolled through the bunker and rough to curl up there about 12 feet.'
McCarthy followed with a birdie at seven to grab a piece of the lead.
Justin Hicks fired an 8-under 63 at Georgian Bay on Friday. He moved to 10-under-par 133 where he stands alongside David McKenzie, Bubba Dickerson, Michael Putnam and J.J. Killeen.
The cut line fell at 5-under-par 138 with 72 advancing to the weekend. Among those missing the cut were Bob May (139), Spencer Levin (139) and Daniel Summerhays (140).