2 Cheap Canadian Stocks Worth Snapping Up While They’re on Sale

Following the United States’ decision to suspend planned strikes on Iranian power plants and energy infrastructure after constructive talks with Iranian officials, global equity markets have responded positively. The S&P/TSX Composite Index has risen 2% over the past two trading sessions. Despite this rebound, the index remains down 0.7% year-to-date and about 7.5% below its 52-week high.

Amid lingering uncertainty and cautious investor sentiment, some quality stocks have underperformed over the past 12 months and are now trading at notable discounts to their recent highs. However, given their solid fundamentals and promising long-term growth outlook, these pullbacks may present attractive buying opportunities for investors seeking to generate superior returns over time.

Waste Connections

Waste Connections (TSX:WCN), a non-hazardous solid waste management company, has faced notable pressure over the past 12 months, with its stock declining around 20% and currently trading about 23.7% below its 52-week high. Weak recycled commodity prices, lower renewable energy credits tied to landfill gas sales, soft solid waste volumes, and delays in reopening the Chiquita Canyon landfill – shut down at the end of 2024 – have weighed on investor sentiment and pressured the share price.

Despite these near-term challenges, WCN’s long-term growth outlook remains compelling. The company continues to expand its footprint through both organic initiatives and strategic acquisitions. It has recently brought five renewable natural gas (RNG) facilities into operation and expects to commission additional projects by year-end. It is also planning to open a new, state-of-the-art recycling facility next year. Alongside these organic growth drivers, the company intends to remain active on the acquisition front, supported by its strong balance sheet and solid financial position.

In parallel, WCN is investing in technological advancements, including AI-driven solutions, to improve operational efficiency and productivity. It also focuses on enhancing employee engagement and safety, which should help reduce turnover while improving customer satisfaction and retention. Taken together, these initiatives position the company well for healthy financial performance in the years ahead, potentially driving share price appreciation. Given its attractive valuation following the recent pullback, investors with a three-year investment horizon may find this an opportune time to accumulate the stock.

Shopify

Shopify (TSX:SHOP) is another top Canadian stock that has come under pressure recently, declining 27.7% this year and trading about 36.9% below its 52-week high. Macroeconomic uncertainty, valuation concerns, and investor skepticism around the potential impact of artificial intelligence (AI) on the broader software industry have weighed on sentiment. Additionally, weaker-than-expected fourth-quarter earnings per share and softer free cash flow margin guidance for the first quarter of 2026 have further pressured the stock.

Despite these near-term challenges, Shopify’s long-term growth outlook remains strong. The company is well-positioned to benefit from the ongoing shift toward omnichannel commerce, as merchants increasingly adopt integrated platforms to manage both online and offline sales. Shopify continues to invest in innovative solutions, including AI-powered tools, while expanding its payments ecosystem into new markets and strengthening its presence across both direct-to-consumer (D2C) and business-to-business (B2B) segments.

These strategic initiatives should enhance Shopify’s competitive position and support sustained growth over time. Given its solid fundamentals and long-term tailwinds, the recent pullback could present an attractive entry point for investors looking to capitalize on its future growth potential.

The post 2 Cheap Canadian Stocks Worth Snapping Up While They’re on Sale appeared first on The Motley Fool Canada.

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More reading

• 2 Stocks I’d Pair Together for a Winning TFSA in 2026
• Top Canadian Stocks to Buy for Growth in 2026
• 3 Stocks I’d Confidently Buy and Hold Well Into 2031
• Down 36.5% From Its All-Time Highs, Is Shopify Stock a Buy?
• 2 Monster Stocks to Hold for the Next 5 Years

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.