Definitely Pacquiao at his peak. At present probably 50/50, but will lean on Pacquiao. Canelo didn't finish Matthew Hatton whereas Ricky Hatton got Ko 2nd round
PACQUIAO AT HIS PEAK: Pacman without a doubt, he can lullaby Canelo in the 1st three rounds
PACQUIAO IN BAD SHAPE: Still Manny but maybe just by decision
If Pacquiao fights the way he's been fighting recently, probably Canelo. If he fights the way he fought against Cotto, de la Hoya, Hatton, etc then Pacquiao by TKO, mid-rounds.
Canelo would win right now he's the better fighter at this point.
Canelo by KO in the 5th or 6th