Mattia Binotto says Ferrari is working on a plan to get back up to speed with Mercedes.
Sebastian Vettel managed to break Mercedes' run of 1-2 finishes in Monaco, but it was actually Red Bull's Max Verstappen who was fighting wheel to wheel for victory with winner and runaway championship leader Lewis Hamilton.
The gap between Vettel, the top Ferrari driver, and Hamilton is now 55 points after six races.
It might therefore be said that Canada in two weeks, where Ferrari's powerful engine should be strong, is the last chance for Mercedes to be challenged for the title.
"The race in Canada is not the last this season," said team boss Binotto.
"It is necessary to keep getting better with each grand prix. We have developed a programme that will solve the problems that have arisen this year. That hard work is underway in Maranello," he added.
However, he admitted there will be no silver bullet.
"The cars will be the same as in Monaco, the only thing we can do is prepare as well as possible. As I said, this was not the last race of the season.
"I think we will be in better shape in Canada than in Barcelona, but for now Mercedes is the strongest and the best car."
The pressure is only increasing on a Ferrari team that is already being heavily criticised from all sides, including by the partisan Italian press.
"Our whole team is aware of the situation," Binotto said. "Everyone is motivated to reverse it.
"I don't think it is a matter of withdrawing from the pressure. We are fully focused on our work and have no time to listen to what is being said around us."
Binotto denied that Ferrari's 2019 car concept, which emphasises the power of the strong engine, makes the team the favourite for Canada.
"The car has a completely wrong concept," 2016 world champion Nico Rosberg told RTL in Monaco.
"They worked to make it fast on the straights but it has too little downforce in the corners. A concept change usually takes months."