Valley materials depend entirely upon and vary with the type of roof covering being applied.
For asphalt based shingles, the 2003 International Resdiential Code allows two plys of mineral surface rolled roofing materials that meet ASTM D 249 to be used for open valleys.
For closed valleys, 1 ply of a smooth roll roofing material compying with ASTM D 224 Type I or Type II can be used, or ‘specialty underlayments’ complying with ASTM D 1970 can be used. Most Ice and Water shields meet this standard for ‘specialty underlayments.’
The 2006 International Resdiential Code requires material complying with ASTM D 3909 or ASTM D 6380 Class M for asphalt shingles with open valleys. Closed valleys can have lining complying with ASTM Class S Type II, Class M Type II, or ASTM D 3909. The ASTM D 1970 can also be used for specialty underlayment.
You would need to check Canadian Code and referenced Canadian standards to assure that any valley material that was being installed complied with Canadian standards regardless of where the material was made.