Canada's going to need a multi-role type, even if their NORAD interceptor role may be one of their more frequent or visible missions.Canada's involvement to date in the program has been to ensure that Canadian military contractors gain access to contracts. Canada will come out ahead even if they do choose a different solution. Canada is in a nice position right now, they can just wait and see how the F35 pans out, no rush.
The F35 has always looked a bit odd for Canada, for a couple of reasons. One is that Canada has always prefered dual engines, as being a bit safer in the arctic environment. The other is that perhaps an air superiority fighter / interceptor type would fit the bill more. Mind you, the CF18's aren't that, and have worked out fine, so the super hornet would be a natrual choice?
I'm of the mind that the F-35 makes quite a lot of sense for Canada, despite the fact that some Carlo Kopp comes to mind...) claim it is a "pure strike aircraft, useless as a fighter, etc. " (The F-35's potential place in the USAF's and USN's force structure is the probable cause of this rather sophomoric claim).
As we've touched on before, the Super Hornet, while it offers some advantages, holds a fairly high opportunity cost, and is most regards far less desirable than the JSF.
The F-35 is a tolerable interceptor and air superiority fighter and it's strike capabilities and LO make it a very well-rounded aircraft which will be a major evolution and in some areas, a revolution, in CAF capability.
As for the single-engine issue, it's less of a problem than it seems.