Status-quo is good for Canada, so it's so much the better if Trump doesn't follow through.

However, I believe that Trump can score an easy win if he cancels NAFTA but keeps/reactivates the Canada-US Free Trade Agreement.  Or tries to, if it turns out he doesn't have that authority as President (which most US commentators, at least at the moment, seem to suggest he has).

Who in the US will go to bat, politically, for free trade with Mexico?  Talk about a walking piñata!  Haha.

I think it's unlikely the Canadian government would withdraw from free trade in a pique over the US cancelling free trade with Mexico - nor would it be in Canada's interest despite some good reporting by the Globe and Mail on the disadvantages of FTA vs. NAFTA.