In Edmonton & areas NNW of the city, no threat of severe weather today.
Different story to the south. I'll get into the Capital Rgn forecast in a minute...

But first...

Severe Thunderstorms developed late yesterday in parts of Southern Alberta & we're expecting another round of severe weather for parts of Southern Alberta.
Large hail (reported to be loonie-sized in some areas) hit parts of the Coronation-Provost-Oyen region Monday.
The risk of large hail, downpours & possible tornado(es) is fairly high once again for parts of SE Alta & S Sask.

There's another severe weather risk that'll develop tonight - HEAVY rain.
SW Alta is already under a rainfall warning & I think it's likely that the warning zone will be extended further NE.
Both the GFS & the GEM models are projecting 70-100mm (3-4inches) of rain somewhere between Red Deer & Coronation.
Most of that rain will fall this evening, overnight & early Wednesday morning.
Red Deer will be on the edge of that storm & will likely get 20-50mm, but you won't have to go too far east of Red Deer to see significantly more.
(I'm including a link the GEM model output)

The Capital Region will be on the NW edge of that precipitation.  GFS wants to shove it right past the city & give Edmonton almost nothing.
GEM has 2.5mm on the W side of the city & 5-10mm for eastern parts of the Capital Rgn.  
I think we'll get SOME precipitation, but don't expect a good drenching rain.

After today, the situation settles down for a few days before turning unstable again this weekend.

My forecast looks like this:

Today - Fog patches south of the city will burn off mid-morning.  Sunny elsewhere across the region this morning.
Increasing cloud this afternoon.  Slight risk of a late-day shower or brief thunderstorm.
High:  23

Tonight - Chance of a few light showers overnight, especially for areas south & east of the city.
Low:  12

Wed - Cloudy w/ sunny breaks.  Wind becoming NW 20-30km/h in the afternoon.
High:  22

Thu - Partly cloudy.
High:  25

Fri - Mix of sun & cloud.
High:  25

Sat - Mix of sun & cloud.  30% chance of a late-day shower or thunderstorm.
High:  26

Sun - Mostly cloudy with a 40% chance of a late-day shower or thunderstorm.
High:  24