Probably because I'm English, but Le Canadien is referring to the Canadian. Me, or pretty much everyone in this thread.
Les Canadiens (to me) always refers to the habs.
Chances are, if you hear an English speaking announcer refer to the them as "le canadien" it's because both s's are silent, or at least we make them so. He's really saying "Les Canadiens" I believe Doc Emerk calls them "lez (emphasis on the s where, from my understanding there shouldn't be any in this situation) Canadiens.
On a side note I think the sabres name in french is funny
Avez-vous regarde le match heir ? Les Canadiens contre les sabres.
Non... Mais, Les Arbes ? C'est un equipe ?
Ahh I can only amuse myself in my broken French.