mods listed by this mod as an (optional) dependency are loaded before this one (as opposed to the default alphabetical loading order).
Yes, I know that dependencies (except conflicts) are used to make sure the other mod gets loaded first. However: If that is all you want of dependencies, why using an optional dependency at all? Wouldn't a hidden optional dependency provide all you need? In case you don't know, you can make a hidden optional dependency with "(?) modname …" (note the parentheses around the "?") which will work like the normal one, but not shown to users.
From this perspective, it seems to me that the normal optional dependencies can have an additional purpose: endorsing other mods, or indicating that your mod has implemented support for a specific mod. In fact, I'm considering to add an optional dependency on Cargo ships to a mod I'm working on because there is that one item that gets unlocked when automobilism is researched -- but I think it should also be unlocked if your boat is researched first.
But back to the original question: Should I keep your replacement mod, or should I install the original one? Do you intend to continue working on the Canal builder mod, or was it just meant as a temporary replacement until the original gets updated? :-)