I am a U.S. citizen living in the U.S. and was wondering if it is possible and legal for me to open a checking account in Canada and still maintain my U. S. residence?
Possible? Probably yes. Legal? Usually yes. Will it affect your U.S. residency status? No.
Opening such an account would be legal unless you were using it for illegal purposes -- money laundering, for example. Whether a given Canadian bank would honor your request for an account would probably be decided on much the same criteria as a U.S. bank would apply if a Canadian citizen wanted to open an account in the United States. They would consider the purpose of the account, and whether it made sense for you to need such an account.
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Possible? Probably yes. Legal? Usually yes. Will it affect your U.S. residency status? No.