Place a plate or sheet pan in the freezer and let it chill for at least 1 hour or overnight.
Using a large ice cream scoop, make balls of ice cream and place them on the sheet pan then return them to the freezer.
Cut the crusts off the sliced bread and using about 2 slices per ice cream ball, form the bread around the ice cream using your hands to pack it like a snow ball. Once it's completely covered return it to the freezer.
In a medium saucepan, heat 3 inches of canola oil to 365 degrees F. Drop the covered ice cream balls, one at a time, into the hot oil and fry, turning occasionally so they color evenly, until golden brown on all sides. Remove from oil and briefly drain on paper towels. Stir together the sugar and cinnamon. Coat fried ice cream in the cinnamon sugar mixture. Serve immediately.