The functionality to view a calendar for a single course already exists in Canvas, but the implementation of this feature is very poor. First of all, it is not available in the main course menu, only with the side menu. Second of all, the buttons layout is different depending on the role one currently has. Please, see the screenshots provided:
Anyway, I consider that my solution is more elegant and possibly easier to implement. In short, I am suggesting to make a "Calendar" link inside the main course menu that would open a calendar for this specific course and, most importantly, open it within the course page (in other words the course menu should stay available), see the example given:
After implementing the suggestion one can get rid of the confusing Calendar buttons outside the course menu ("View Course Calendar" in Student view and "View Calendar" in Teachers view) and keep the interface cleaner and more understandable.