The most common and most likely answer to this crossword clue is the 9 plus 6 letter word BARENAKED LADIES
B
A
R
E
N
A
K
E
D
L
A
D
I
E
S
Buddy explains!
The straight part
We know that "Canadian band" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case canadian band = barenaked ladies.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.