Canonical correlation analysis (CCA) is a well-known technique used to characterize the relationship between two sets of multidimensional variables by finding linear combinations of variables with maximal correlation. Sparse CCA or regularized CCA are two widely used variants of CCA because of the improved interpretability of the former and the better performance of the later. So far the cross-matrix product of the two sets of multidimensional variables has been widely used for the derivation of these variants. In this paper a new algorithm for sparse CCA is proposed. This algorithm differs from the existing ones in their derivation which is based on penalized rank one matrix approximation and the orthogonal projectors onto the space spanned by the two sets of multidimensional variables instead of the simple cross-matrix product. The performance and effectiveness of the proposed algorithm are tested on simulated experiments. On these results it can be observed that they outperform the state of the art sparse CCA algorithms.