Wind chills in the -40s in NE Alberta have prompted Environment Canada to issue Extreme Cold Warnings for the Fort McMurray region.
At -40 or colder, frostbite is possible in as little as 5-10 minutes of exposure.
Across much of the rest of Alberta...wind is either light, or the wind chill is in the mid -30s.
However, even a -30 to -40 wind chill can produce frostbite on exposed skin in 10-30min.

Wind will be variable across much of the province today with most areas getting speeds between 5 & 15km/h.
So, wind chills will be "occasional".
The one exception looks to NW Alberta.  The wind is expected to be a bit stronger in parts of the Peace Country this afternoon.

Wind is forecast to stay 5-15km/h (relatively light) for most areas Saturday.
Here's a rough rule of thumb:
-20s & wind 10-20km/h :  it FEELS about 10 degree colder than temperature.
-20s & wind above 20km/h:  it FEELS about 10-15 degrees colder than temperature.

Sunday & Monday are shaping up to be breezy.
Edmonton and area will likely get 20-30km/h wind speeds.
That'll push morning wind chills close to -40 in Edmonton Sunday morning.  

Looking LONG Range:  
The models are starting to trend towards some milder air for the end of next week.
Daytime highs now look like they'll climb into the -10 to -15 range for NEXT Fri/Sat/Sun.

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Here's the Edmonton forecast:

Today - Mix of sun & cloud.  Wind:  SE 10-15km/h
High:  -20
Wind chill near -30 through much of the day

Tonight - Partly cloudy.  Wind:  SE 10-15
Evening:  -23
Wind chill in the -30s

Saturday - Mix of sun & cloud.  Wind:  SE 10-15
Morning Low:  -26   (w/c: near -35)
Afternoon High:  -22    (w/c:  near -30)

Sunday - Mix of sun & cloud.  Wind:  NW 20-30
Morning Low:  -26     (w/c: near -40)
Afternoon High:  -20     (w/c:  near -30)

Monday - Mostly cloudy.  Wind:  NW 20-30
Morning Low:  -22     (w/c:  near -35)
Afternoon High:  -17     (w/c:  near -30)

Tuesday - Mostly cloudy.  NW 10-15
Morning Low:  -20     (w/c:  near -30)
Afternoon High:  -18     (w/c:  near -25)

Wednesday - Partly cloudy.  NW 10-20
Morning Low:  -24  
Afternoon High:  -17