The Australian team will face off against the reigning Tokyo 2020 Olympic gold medallists in the south of Spain on July 14 (AEST).
The two nations will be based in Marbella for their pre-Games training camps, before they open their Olympic campaign, with the women's tournament running from July 25 to August 10.
Coach Tony Gustavsson said taking on such a formidable opponent would allow the Matildas to solidify their playing partnerships and game plan for the Games.
"A nation with the Olympic calibre of Canada will be a great analysis opportunity for us less than two weeks out from our opening match of Paris 2024," he said.
"Not only does their squad feature world-class players, as a team they also have several attributes in terms of their playing style that mirrors what we will come up against in our group stage competitors.''
The Matildas kickstart their Paris Games against world No.4 Germany at Stade de Marseille on July 26.
The journey then continues against Zambia at Stade de Nice on July 29, before returning to Stade de Marseille to take on the US on August 1.
Australia's golden generation are determined to come away from this Olympics with a medal, after finishing fourth in Tokyo and at last year's World Cup.
Currently ranked 12th, the Matildas last met world No.8 Canada in Vancouver in December when the Canadians secured a tight 1-0 victory.
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