Yours looks real enough.
Back in the day, Rolex marketed some product lines exclusively to Canada. Don't know why they favoured Canada for this, but here's a short blurb.
http://www.yorktime.com/articles/200312123544
Some of the models included
Air Lion, Air Tiger, Airgiant, Airking, SpaceDweller, SkyRocket, Speedking, Falcon, Orchid, Observatory, Tridor, Athlete, Commando, Turtle Timer, Canadian, Empire, Oyster Lipton, Rolex Scientific, Rolex Everest, Tudor Advisor, Oyster Junior Sport, Oyster Raleigh, Oyster Commander, Oyster Recorda, Oyster Edison, Oyster Grenfell, Oyster Shipmate, Oyster Standard Oyster Chester, Oyster Essex, Rolex Corvette Observatory, Rolex Wellington, Rolex Victory (sometimes, just "Victory"), Oyster Centrgraph, Oyster Lincoln, Oyster Regent, Rolex Oyster Majestic Observatory, Rolex Oyster Seaforth Observatory, Rolex (London Chronometer) Observatory 18 jewel, Rolex Oyster Ellsworth Observatory, Rolex Oyster Pall Mall Observatory, Rolex Oyster Royalite, Rolex Oyster Royal, Oyster Recorda, Oyster Pioneer.
Some of these were exclusive to other markets, such as the Space-Dweller to Japan in later years, but a significant number of the above were Canadian only.
Back to yours, a large number of the Canadian market watches were fitted with 15 jewel (updated later to 17) caliber 65 or 59 FHF or Fontmelon movements, made for Rolex and therefore not signed.