I think a Edmonton to Calgary train is very much feasable. The QE2 is nearing the point where it is going to need to be expanded to 6 lanes between Calgary and Edmonton, that is not going to be a cheap upgrade. A high speed rail line would delay the need for that.
At the very least you could reasonably say that a majority of those using air travel or bus (Greyhound and Red Arrow) between Calgary and Edmonton would opt for high speed rail.
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