4 hours delay due to missed connection

Hi everyone! Last year I had the following experience:

I was flying from London to Dallas via Toronto on the 12th of December with Air Canada. I was supposed to arrive at 6:45PM in Dallas.
My first flight (AC857 London - Toronto) was delayed by 1 hour, which made me miss my connection in Toronto. I was rebooked on the next flight to Dallas, which arrived at 10:50PM.
Which means that I arrived at my final destination with a 4 hours delay.

Is this situation covered by the EU delay compensation laws? Am I entitled to compensation?

Thanks for your help!

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