We did see opportunity with Air Canada at one point, but the overall outlook for the company over the long term is..... bleak to say the least.
The company has even stated itself it will take 3 years at minimum to return to pre-covid levels of revenue. Whether or not the stock price reflects that remains to be seen. When those 3 year estimates were given, the company also did have an optimistic view, stating that international flights will be back to normal by December. I don't think we're going to see that.
It's tempting to buy a brand this strong while its stock price is in the dumps. But unfortunately the company is currently struggling as well.
If you're willing to be extremely, extremely patient there may be some value there. But if you're not comfortable with significant volatility I personally wouldn't go anywhere near it.