From my understanding of a SWL none of the waterlines can touch the front of the canoe. There are still the 3 waterlines present on a SWL but none can touch the canoe and they are usually progressively shorter water lines. On a ARN dollar it is usually considered a 1 1/2 water line with again no waterlines may touch the canoe.
The dollar in the picture clearly shows the top waterline touching the canoe so it would be disqualified from being a SWL. Again just my opinion