It's been a rather wild ride this August, with stocks entering the month under considerable pressure only to mostly bounce back in the weeks that followed. As we move into September, investors should be more willing to derisk as we get closer to the big U.S. election day. As Kamala Harris and Donald Trump potentially set the stage for their very first debate, questions linger as to what the stock market's reaction will be.

Though a Trump presidency may have been baked in after the Trump-Biden debate a few months ago, Harris and the Democrats have caught up in the polls. In any case, it could be a close election that will cause rampant market volatility. With valuations climbing a bit higher, new Canadian investors should insist on larger margins of safety to minimize the downside they'll face should unforeseen panic-driving events come our way between now and the big election day.

In this piece, we'll examine two intriguing Canadian stocks with share prices below the $30 mark. Indeed, low share prices don't entail greater growth or lower valuations. But often, they do indicate a potentially smaller market cap (think the mid-caps), which may be better able to trade under their own footing than move based on market-wide events such as the U.S. election and Federal Reserve (or Bank of Canada) interest rate cuts.

Without further ado, check out the following under-$30 stocks, which seem primed to buy this month.

Air Canada

First up, we have ailing airline Air Canada (TSX:AC), which currently goes for just $15 and changes per share after sinking more than 11% over the past two years. Undoubtedly, the airline can't seem to gain speed as growth stalls.

Of course, management has continued to do its best to cut costs where possible. But with pilot union uncertainties and inflation-rattled consumers who may be more willing to go with an ultra-low-cost carrier airline, questions linger as to what could help AC stock pick up altitude again. Indeed, those 2020 highs now seem so distant, with shares of AC off nearly 70% from such peak levels.

Though there's no easy way for Air Canada stockto recover, I think that lower rates and continued cost controls could help unlock longer-term value for shareholders. With a $5.5 billion market cap and one of the lowest valuations around (6.2 times forward price to earnings), it may be time to buy the name and stash away for the long haul.

Telus

Telus (TSX:T) is a blue-chip, large-cap stock with a share price of $21 and change at the time of writing. Undoubtedly, it took a nasty selloff for shares to get here. With the stock now down close to 36% from all-time highs, the dividend yield is at a swollen 7.13%. Indeed, telecom companies have felt the full pressures of the macro and industry environment. Still, if there's a dividend beast that will survive the latest wave of woes, it's Telus. It's the best telecom for your buck right here.

At 22.5 times forward P/E, perhaps now's a good time to give the firm the benefit of the doubt before an AI phone supercycle can jolt the stock and the industry. Additionally, T stock looks like a great way to play lower rates.