The Canadian dollar strengthened to a near 5-week high against its U.S. counterpart on Monday as the prospect of U.S. trade tariffs grew less imminent and a Bank of Canada survey showed that firms are beginning to anticipate improved activity.

Trump was quoted saying his team was thinking of tariffs around 25% which could be announced on Feb. 1 but offered no other specifics.

The focus on American prosperity and national security is the latest pivot by Canadian officials as the country tries to find its footing with the new Trump administration, and - more urgently - avert the threat of blanket 25% import tariffs imposed by the US, its largest trade partner and closest ally.