Optimism about the Canadian economy rose substantially among professional accountants in leadership positions, according to a survey done for the Chartered Professional Accountants of Canada. The survey included 516 business leaders.

Half report there are optimistic about the Canadian economy’s prospects over the next 12 months, up from 38% in the organization’s first-quarter report.

Thirty-eight percent are neutral and 12% are pessimistic.

However, protectionist trade sentiments in the US topped the list of challenges facing the Canadian economy, with 23% of leaders saying that is the case. It was followed by oil prices with 19% citing that as a top challenge.

“Canadian business leaders are wary but are not being paralyzed by possible risk,” said Joy Thomas, president and CEO of CPA Canada. “The significant increase in optimism is a reflection of Canada’s economic resilience, especially with continued uncertainty in the United States.”