We're not favorite against Chile. If we play this poorly against Chile, they'll punish us.
If we play as well as we know we can, we can get a result. But we have a lot of work to do.
Canada was the betting line favorite against Peru and WILL be against Chile.
Here are the up-to-date world rankings:
FIFA national team ranking - LIVE
If Canada can pull off the win against Chile, they will leap both Peru (assuming that Argentina doesn't lay an egg) and Chile. Also, the Canada game is after the Argentina game, so we will know if 1st is on the line (if Argentina loses, first tie-breaker is GD). If Peru wins, Canada has to win (but has a shot at 1st if they can erase the 4 goal differential). If Peru draws or loses, Canada only needs a draw.
It's hard to tell exactly where they would fall (because other teams are playing, but they would instantly jump into the top 40)
A note for the knockout rounds. Anyone that moves on cannot receive negative points in a knockout game so it is either gain or nothing. There is no shootout, but if Chile could somehow beat Canada in one, that would actually bump Canada ahead of them too (because of how the ELO system works).