Results from an ice stress buoy deployed near the center of a multi‐year floe in the Viscount Melville Sound of the Canadian Arctic Archipelago between 10 October 2010 and 17 August 2011 are presented. The position record indicates the landlocked season was approximately 5 months, from 18 January to 22 June, when the sea ice was fast to Melville Island and Victoria Island. Thermal stresses (ranging from −84 to 66 kPa) dominate the internal stress record, with only a few dynamic stress events (∼50 kPa) recorded before the landlocked season. Intriguingly, the thermal stresses are isotropic before the landlocked ice onset and anisotropic during the landlocked season. Two possible causes to explain anisotropy in thermal stresses are considered: preferred c axis alignment of the ice crystal, and land confinement associated with the nearby coastline. The orientation of the principal stresses indicates that land confinement is responsible for the anisotropy. The stress record also clearly shows the presence of residual compressive stresses at the melt onset, suggesting a viscous creep relaxation time constant of several days. Finally, results show an interesting reversal in the sign of the correlation (from negative to positive) between surface air temperature and thermal stress after the onset of surface melt. We attribute this to the onset of water infiltration within sea ice after which colder night temperature leads to refreezing and compressive stresses. To the best of the authors' knowledge, this is the first time that anisotropic thermal stresses have been reported in sea ice.