From Katherine Blocksdorf,
Your Guide to Horses.
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Definition: This bone extends from beneath the structures of the knee to the fetlock joint below. Along the cannon bone runs a smaller bone, called the splint bone. In most light horse breeds a cannon bone circumference that is greater than 8 inches is desirable. This means the horse has substantial bone mass to carry a load and withstand work. These bones are somewhat equivalent to the bones in a human’s palm. From the horse’s knee downwards the foreleg bones are vestiges of former toes. That is why it’s sometimes said a horse runs on its fingers and toes.

Pronunciation: kan non

Common Misspellings: canon

Examples: The sturdy Arabian mare had a substantial 8" cannon bone.