rgibson1, I'm not an expert on this, but laurakgibbs pinged me, so I'll share what I've seen. I don't have any special insight beyond what I've read in the Community or API documentation.
Canvas has been pushing the Live Events based of the IMS Caliper specification. How Do I Configure Live Events for Canvas Data? You have to set up your own data store with Amazon Web Service to use it, though. It's not for learning activity streams.
Canvas has already implemented a small portion of xAPI. xAPI with LTI tools - Canvas LMS REST API Documentation. The documentation is extremely limited. It reminds me a little of SCORM -- Canvas felt they needed to do something, but the functionality is minimal.
As they exist in Canvas right now, they appear to do two completely different things, though. Live Events seem Canvas-based, so you can track what's happening within Canvas and take actions when certain things happen. xAPI is external, which would be more appropriate for learning. I think IMS Caliper is designed to be used for learning activity streams, but it doesn't seem to be in Canvas just yet. I believe I heard something about Caliper sensors nearing completion back at the 2015 InstructureCon, but if there has been an official notice, I missed it and the Community is pretty void of mentions of it.
When I set up H5P, I told it to use xAPI and set up my own LRS to keep track of it as I didn't see a useful way to get the information out of Canvas.
Not necessarily germane to the question, but I wasn't impressed by the results of the LRS I used, but I'm not sure if that's a result of H5P, the LRS (Learning Locker), or that I implemented it through WordPress, or that I didn't call it as an LTI so I didn't know who was doing what. It was one of those "this looks cool, let's try to get it working for tomorrow's class" things that I was just happy to have working at the time.
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