You might add a Storyboard that does the auto-reversing and repetition, but that has a longer duration than the animation:
var fadeInOutAnimation = new DoubleAnimation()
{
From = 1,
To = 0,
Duration = TimeSpan.FromSeconds(1),
};
var storyboard = new Storyboard
{
Duration = TimeSpan.FromSeconds(2),
AutoReverse = true,
RepeatBehavior = RepeatBehavior.Forever
};
Storyboard.SetTarget(fadeInOutAnimation, MyCanvas);
Storyboard.SetTargetProperty(fadeInOutAnimation,
new PropertyPath(Canvas.OpacityProperty));
storyboard.Children.Add(fadeInOutAnimation);
MyCanvas.BeginStoryboard(storyboard);