I would NOT pick up your luggage and recheck.
Air Canada will only recheck in your bags for your ongoing flight max 4 hours before...you will be stuck with your bags for 5 hours!
I have had this happen to me twice, once on seperate tickets where they would not through check, and once on arrival in Canada with a long connection of 10 hours when they would not through check. Had to pick up my bags and WAIT for recheck!