If you are looking for stocks that appear to be on sale while the market is trading near all-time highs, you'll probably have to buy companies facing some kind of headwind. That's not unusual. Virtually every business goes through tough times eventually. But it does require a bit more resolve to buy discounted stocks instead of the ones that Wall Street loves.

If you have the stomach for some contrarian buys, consider these two Canadian stocks: Toronto-Dominion Bank (NYSE: TD) and Bank of Nova Scotia (NYSE: BNS). Both have high yields thanks to some current challenges, but their long-term prospects remain bright. Here's what you need to know.

It certainly hasn't been an easy time lately for Toronto-Dominion Bank. The stock is off nearly 15% so far this year. That's probably thanks to multiple financial probes into potential money laundering by bank employees in New York and Florida. TD Bank (as the company is often called) likely should have had better controls in place.

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Source Fool.com