In a number of MCU families there are built in CAN bus controllers, which include self testing function of loop back. Loop Back mode can be configured as External Loop Back and Internal Loop Back. Here's a figure of how controller treats RX and TX lines in both these modes:

As it says in my particular datasheet,
This mode is provided for hardware self-test. To be independent from external stimulation, the CAN ignores acknowledge errors (recessive bit sampled in the acknowledge slot of a data/remote frame) inLoop Back Mode. In this mode the CAN performs an internal feedback from its Tx output to its Rx input. The actual value of the CAN_RX input pin is disregarded by the CAN. The transmitted messages can be monitored at the CAN_TX pin.
So acknowledge errors are ignored, right. Is there still need for connection of an external transceiver circuit, along with a teramination resistor of 120 Ohms (or two in parallel for complete bus), or can that be disregarded or do you even recommend to leave the MCU's RX and TX pins floating?