I have noticed that B&H photo in has discontinued the Canon XL series. Is this an indication that something big is coming from Canon?

Naw, B&H stocking status doesn't necessarily have anything to do with what's going on in Canon R&D. See this thread from October:
http://www.dvinfo.net/forum/canon-xl-h-series-hdv-camcorders/485951-shoulder-mount-canon-hd-cameras-dissappearing-retailers.html