Canadian bacon is the American term for a lean smoked, pre-cooked pork loin very similar to ham but leaner. The meat is typically sold in pre-cut slices.
In Canada this product is referred to as Back Bacon and comes from the same cut as the pork chop which can include some of the pork belly. The American version is all lean pork only and always pre-cooked. In Canada the back bacon can be found smoked or unsmoked and may or may not be pre-cooked.
American Canadian bacon can be pan fried, baked, grilled or served cold for sandwiches and salads.
If you don't have Canadian bacon:
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If you happen to be near Fairmont Banff Springs at breakfast time sometime, head to the lobby (Castle Pantry) where they have a little take-out cafe. They make an amazing bacon and egg sandwich on brioche (using the fabulous back bacon) which you can eat there or take to-go. I'd go back to Canada just for that sandwich.