Seems 45rpm was right (viewtopic.php?f=10&t=19243&p=12833685&hilit=cfcw+call+letters#p12833685) and the CW in CFCW stands/stood for Camrose-Wetaskiwin according to Jackie Rae in her interview with Global TV Edmonton's Seanna Collins -
https://www.youtube.com/watch?v=lO3eoK9thIY