The good: Canada is up 9 spots to 75th overall and now sits 7th among CONCACAF teams.
The bad: According to this guy, who is some kind of rankings savant, Canada is projected to be ranked 12th in CONCACAF when the July rankings come out. These rankings are expected to be used for the seeding of World Cup Qualifying draw.
Canada's big drop is because the mostly favourable results of the 2007 Gold Cup will be coming off the books in July. The 12th placed seeding is based on projected results in the remaining matches for CONCACAF teams, so it is imperative that Canada exceed expectations at the Gold Cup if they wish to reach the top 6, which would pave the way for a less complicated qualification. Particularly since one of Canada's group stage matches is against non-FIFA sanctioned Guadeloupe, which will provide no rankings points.
If you're like me, you're not too wrapped up in all of this since Canada will eventually need to beat the likes of Costa Rica, Panama, and Jamaica (the current #4-6 in CONCACAF) to qualify, and which round it takes place is of little import.
But if you like to obsess, it's time to start worrying.