The bookmakers believe the manager-less Socceroos have what it takes to put away their North American opponents and restore some pride after successive thrashings
The Socceroos are reeling from successive 6-0 drubbings at the hands Brazil and France, with the result in Paris on Saturday morning costing Osieck his job after three years in charge.
Former Socceroos striker, Adelaide manager and current assistant coach Aurelio Vidmar will take charge for Tuesday night's friendly at Fulham's Craven Cottage but the early favourites to take over the job full-time are Guus Hiddink and Melbourne Victory boss Ange Postecoglou.
The Socceroos might have safely qualified for their third successive World Cup in Brazil next year - under Osieck - but there are fears the team will be humiliated on the world's biggest stage in 2014 if the present slump continues.
Australia are now winless in their past five matches since qualifying for the World Cup with a nail-biting 1-0 win over Iraq in Sydney back in June.
But Canada - whose only World Cup appearance came back in 1986 - are in even worse form.
The Canadians are ranked a distant 106 by FIFA compared to Australia at 53 and failed to make the final qualifying stage in the CONCACAF region.
In fact Canada are winless in their past 11 matches - including losses to minnows Martinique and Mauritania and an 8-1 thumping at the hands of Honduras.
As a result the Socceroos are the $1.66 favourites at bet365 for Tuesday night's friendly with Canada paying $5.25 and the draw at $3.60.
Canada however have just recently appointed a new manager in Spaniard Benito Floro and will fancy their chances against the out-of-form Socceroos.
They could we worth a bet at $3.75 in the draw no bet market at bet365 - where punters get their money back if the game ends in a draw.
Australia to win 1-0 is the favoured option in correct score betting at odds of $6.50 but with the Socceroos low on confidence there has also been support for a 1-1 draw at odds of $7 at bet365 while a 2-0 Australian win is paying a tempting $7.50.
But with many of the Socceroos' ageing stars now playing for their footballing futures, expect a fierce response from the team against weak opposition and Australia look a good bet at $2.60 at bet365 to lead at both half-time and full-time in a game they simply must win to have any credibility at next year's World Cup.
*Note prices subject to change