In a word: Lufthansa.

AC is a feeder airline for LH for points in the EU (that AC doesn't operate to), ME, Africa, SEA, India etc. It already has a QF/EK style relationship with LH, plus a lot more. The revenue-sharing agreement etc benefit AC and prevailing wisdom among the industry, particularly those based outside Canada and less susceptible to nationalistic jingoism, is that LH calls the shots in the relationship (hardly remarkable given the disparity in size and clout). So much so, that FRA, and not YUL, 'owns' AC's TATL connecting flights.

I don't think its lost on anyone that the two shrillest and most hysterical voices against EK are AC and LH, so much so that LH had to officially deny involvement in Canada's EK mess. That said, its pretty obvious AC was doing LH's bidding. Which should sum up he response to your question.

EK is looking to tie up with AA, but I doubt they're overly interested in Canada these days. Witness the silence on the issue during the remarkable recent upswing n ties between Canada and the UAE. Personally, I think its a pity that AC chose LH as its master - absurd EU taxes and a thoroughly mediocre LH product make me wish they d gone for a forward looking airline rather than a status quo one like LH. I think its safe to say that LH's current product - in all cabins - is not exactly top of the line. Apart from the 748 its one generation behind a lot of good carriers.

That said, AC depends on LH, so don't expect change.