kbeimfohr, as the original author of the posted solution (thanks, @Robbie_Grant !), I am embarrassed to admit that until this very moment, when I searched for an existing feature idea link to give you, I didn't know about this other--easier!--solution, described in this archived feature idea:
I tested it in a sandbox course--first creating the hyperlink, then clicking Ctrl-K to open a dialog window--and it works! And, using this approach eliminates the need to navigate to the HTML view to edit the code.
So cool. I learn something new about Canvas every day.
I've updated the discussion to which Robbie linked to reflect this other solution.
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