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As a matter of fact I am in the process of building a canoe rack out of Uni-strut. I have done some research into the structural integrity of this stuff and the galvanized steel Uni-strut is pretty dang hard to bend. Price wise it is a whole lot cheaper than buying a prefab design.
The big box stores I've searched do not carry it. I found mine at a local electrical supply house. I have yet to build mine due to the crappy weather we are having. Along with the Uni-strut they make all the 90 degree brackets that are two bolt per side applications verses just a piece of angle iron bent. They also have rubber end caps to finish the job. Truly if you are looking for a rack, the applications with this stuff are endless. I plan on using the slots in the strut for things like fishing rod holders to tie down points for a "tarp tent" for when I go to places that I can drive up to and camp.