I always refer to it as Peameal Bacon. Never, ever Canadian Bacon.
If you don't call it Canadian Bacon, then how can you argue that Canadian Bacon isn't just ham?
What is referred to as "true" Canadian Bacon (this term mainly comes from people outside of Canada) is Peameal bacon. Very tough to get in the US. That's why the Yankees refer to it as "Canadian Bacon". It's like how Americans refer to a slice of Kraft Singles as "American Cheese".
Talking to my local butcher about 3 weeks ago, he had a guy come in from North Carolina and put in an order for 100lbs to take back with him.
Great peameal bacon has a real clean
flavour to it. It's hard to describe. Peameal bacon comes from the loin, the taste, colour and texture (from the curing) is much different than just the standard loin you can get in the store.
My favorite way is to BBQ the entire slab first, letting it rest for 15 minutes, then slicing it into very, very thin slices for sandwiches.