You're right. Especially the Wreath, the symbol of Victory, is inspired by the french revolution for the Obverse. The majority Central and south American countries often feature this symbol with the allegorical goddess of Liberty when they broke away from Spain ,France,and Portugal.
And while Elizabeth II is hardly the representative of liberty, my feeling is that the implied symbol of the wreath should have a different meaning other than to decorate the coin.
Canada doesn't have a Liberty figure since we are considered subjects rather than citizens. Never fought against England for Independence.
Interesting History.

I never thought of Canadian citizens as subjects......awesome country !!! I know you're still on the front line up there so stay safe my friend!