any 1" stock surfaced (usually to 13/16 or 3/4") will work Chris. Hardwoods will be stronger, more durable, and easier to stain than pine or fir. Poplar is very good and cheap, but not too pretty when stained. Good choice if you're painting the canopy. Red oak is available at HD, and it isn't terrible, but it contracts and expands more than other hardwoods. Maple can be hard to work with and slightly more expensive.
You could also use hardwood plywood, but it's expensive, and not neccesary for this. Also it takes more work in some cases to cover all the ugly edges of the plywood.
Since you're painting I'd use poplar. Find a lumber yard/building center around you, and they should have poplar surfaced 4 sides in a variety of widths. Finish carpenters use it for interior trim sometimes, so you shouldn't have too much trouble finding it.
Nate