I believe so, but if I recall there is only really movement if an upset happens.
I agree the teams are probably a bit closer than that, but Canadian fans are also overblowing Copa America a bit too. Like it was encouraging that they could kind of hang with the big boys, and no question it is a sea change from a generation ago, but you'd think Canada tore through the tournament the way people talk about it. At the end of the day Canada only actually won one game there (and scored but one goal in the group stage). There was much excitement over "beating" Venezuela in the knockout, except that it was a tie game that went to PKs... and you can't just ignore that Venezuela was the only remaining team ranked lower than Canada. So there is definitely some literal luck of the draw in effect too.
Don't get me wrong, they actually had a chance to beat Uruguay for third and it was quite remarkable that they played them to a tie (although it's doubtful the Uruguayans were giving it their all at that point), but I think people do need a little bit of perspective before puffing out their chests too much.