You can also use carriers to do a hell of a lot of different things; an Air Group running patrol sweeps from their mobile base can cover a lot more sea than a squadron of anti-raider vessels, for instance.
Nordmark ranks its potential direct threats as, in decreasing order of plausibility...
1. Russian invasion over the Finnish border
2. Locally grown far-right coup attempt
3. Poland picking a fight in a fit of self-destructive paranoia
4. Danish invasion across the straits into southern Sweden
5. Supervillain rampaging through Stockholm with a titanic drill-spider mecha
6. Canada going insanely off the reservation and attacking Vinland without British approval
7. Invasion of Sapient Polar Bears sweeping down from the north
8. Actual straight-up conflict with Germany, France, the Commonwealth, or more than one of the above
9. The United States of America
and
10. Santa Claus
And rates an intervention in trouble the rest of the GNUK circle has gotten into as substantially more likely than any of those.
Looking at the Canadian OOB, since Canada seems to consider Scenario 6 more plausible than I do, I see a fleet balance of 3 CVs, 2 BBs, 4 CAs, 6 CLs, and 36 DDs between the Canadian Home and Atlantic fleets, vs Nordmark's 4 CVs, 8 CAs, 28 CLs, and 56 DDs available in the North Atlantic. These are, IMHO, perfectly reasonable odds for Nordmark to believe it can achieve victory.
A long runup to war, where both sides know to mobilize ahead of time, lets Canada bring in its Pacific fleet - another two CVs, 3 BCs, 4 CAs, 6 CLs, and 32 DDs - and its reserve of 1 CV, 5 CAs, and 6 CLs, but also allows Nordmark to reactivate 2 CVs, 5 BBs, 3 BCs, 16 CLs, and something like 40 DDs. Again, perfectly reasonable odds for Nordmark.