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.

What sectors are most vulnerable and which ones will prove to have greater resiliency to this economic pressure

The New York Times and Wall Street Journal say incoming U.S. president Donald Trump won't slam Canada with damaging tariffs on his inauguration day.