Flames fan here, what kind of return do you think the Hurricanes would want to flip picks?
There's no way to answer this unless you know who the Canes really want. They have a very tight list, from what I understand. If they don't think a guy will play at the NHL level or if they have doubts about him -- personally, physically, availability -- they won't put him on the list at all. Of the top five guys, I have no clue (nor does anyone else) what they really think of these guys. There may be a red flag about any one of them that could have them on the Canes' "don't draft" list.
Without knowing who the Canes are actually targeting, there's no way to guess about their trade potential. We suspect they are targeting Monohan because of their past draft tendencies -- safe pick, Canadian juniors, forward, close to NHL-ready -- but it's entirely possible (though highly unlikely) that they have targeted a guy like Anthony Mantha or Rasmus Ristolainen and would be willing to slide down.
Usually, the Canes just pick the best guy available at their slot, without much thought of moving around. Knowing what we know, they'll probably take whomover of MacKinnon, Drouin, Barkov or Monohan is available at No. 5.
So to answer your question, it's exceedingly unlikely that trading back a slot is something JR would do.