In Canada, which industries are categorized as defensive?

Defensive industries are less sensitive to economic cycles. They tend to perform consistently regardless of economic conditions because they provide essential goods and services that consumers require regardless of their financial situation. Banking and utilities fall under this category as:

Banking ensures essential financial services.

Utilities (e.g., electricity, water) provide necessary services.

Industries like energy and materials are more cyclical , reacting strongly to economic fluctuations. Hence, D. Banking and Utilities is the correct choice.