Canaan, a 6'0" guard from Biloxi, Mississippi, went to Murray State after leading Biloxi High School to the 5A Mississippi state championship as a senior. Canaan had an instant impact for the Racers, as he averaged 10.4 points per game and led the Racers in three-point percentage at .485 as a freshman in the 2009–10 season. He was named 2010 Ohio Valley Conference (OVC) freshman of the year as the Racers went 17–1 in OVC play, winning the league. They also won the 2010 OVC tournament. Canaan was named tournament MVP as he scored 16 points off the bench for the Racers in the final. Murray State went on to knock off 4-seeded Vanderbilt in the NCAA tournament, before losing to eventual national runner-up Butler 54–52 in the second round.