Cockburn, from Stouffville, Ont., and teammate Rosie MacLennan of King City, Ont., are both considered contenders.
"It is a very tight competition," said Canadian coach Dave Ross. "That said, they're definitely probably two of the top six. So it's possible that we could get one or two medals but it's also possible that we have fourth or fifth, so we'll see how it goes."
Ross feels that their preparation has been excellent ahead of the London Olympics. He expects they'll be ready to give Chinese contenders Shanshan Huang and Wenna He a stiff challenge.
"It's going to be a little dogfight between Canada and China," Ross said. "It's going to be really tight. Those are the top four athletes I think."
He added that Great Britain's Katherine Driscoll could also be in the mix since she'll get a boost from the home crowd. The lone Canadian in the men's competition, Jason Burnett of Nobleton, Ont., settled for an eighth-place finish on Friday.
There are several podium possibilities for Canada on Saturday.
Jessica Zelinka of Calgary started off slowly but currently sits third after four events in the women's heptathlon. The event concludes with the long jump, javelin throw and 800-metre race.
Victoria's Ryan Cochrane will compete in the men's 1,500-metre freestyle final and the Canadian men's 4x100-metre team will race in the medley relay.
In badminton, Alex Bruce and Michelle Li, both from Toronto, will go for bronze against a Russian duo. Paula Findlay of Edmonton leads Canadian hopes in women's triathlon.
Edmonton's Tara Whitten, Gillian Carleton of Victoria and Jasmin Glaesser of Coquitlam, B.C., will compete in the women's track cycling pursuit race. Zach Bell of North Vancouver, B.C., will race in the men's omnium.
In diving, Jennifer Abel and Emilie Heymans will compete in the women's three-metre springboard semifinal.
Also on HuffPost