While a succesfull agreement with the UK mean that relations will not go down to the toilet, i doubt that will become extremely friendly...basically both side will try to leave the other alone but be prepared in case of hostility.
Come WWI and the US remain neutral and the war end with a peace of exhaustation (Germany get east europe and the Entente the colonies, plus the Ottoman and A-H empire are divided between the various powers as they are fallen during the war or in the immediate aftermath; at plus i can see Germany getting Congo but in exchange of leaving Belgium...otherwise Congo is divided between France and UK)
Canada can decide that his time with the Empire is over and throw is lot towards the US and with time petition for annexation if during the past years economic, commercial and cultural tie have been developed
