This is correct. I know there are some traditionalists out there who want to harken back to Canada's history, but the phrase "Dominion Day" always sounds vaguely like what we're trying to say is "screw all you darkies, this country belongs to the WASPs!" Day.
Now, the Americans call their day "Independence Day" not because it's especially evocative, though it is that, but because that's what they did on that day. So if we wanted to call July 1st Confederation Day, then I'd be cool with that.
Nevertheless, Canada Day is still a nice, simple title and doesn't need to be screwed around with.