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There is a preset for Canon for Premiere 2/CS3 you can use in Elements.
You may not be able to render a preview unless you have another video editing application that has a certain codec, whatever that may be. Without it, after rendering a preview, you may see only a "Media Pending" placeholder instead of your video.
In pre 7 it didn't work until I installed Sony DVD Architect Studio 4.5c. After uninstalling Sony DVD Architect Studio, pre 7 went back to displaying the "Media Pending" notice after rendering a preview. This may be a problem only with pre 7 and not pre 4, but if you run into this problem, then you will know.
Well, after further digging, I found that pre 7 didn't want to use the codecs Adobe packaged with it. It was evidently using whatever had the highest merit value, and that wasn't compatible with pre 7 for some reason. Now I've got the preview working again.