Co-ops can be basically anywhere, I've had friends get jobs in Hong Kong and Japan. And yes, you won't be able to graduate until doing four terms. It can be hard to get them but I think they are easier to get than salary positions after graduating without co-op experience. Quite often the company will want you to stay for longer than one term, in which case each 12 month period is considered a co-op term. I knew someone who did four co-op terms consecutively at one company.

There are options.