In deep 12-inch skillet or wok, heat olive oil over medium heat. Add chicken; cook, stirring occasionally, until browned. Add soup; cook over high heat 8 to 12 minutes, stirring frequently, until mixture is thick.
Meanwhile, in 1-quart saucepan, melt cream cheese with whipping cream over low heat, stirring frequently. Stir in chile and chile liquid until well blended. Remove from heat; cover to keep warm. In 5-quart Dutch oven, heat canola oil over medium-high heat or to 350°F.
Onto each tortilla, spoon 1/2 cup chicken mixture. Fold sides of each tortilla up over filling; fold over remaining sides. Secure each with 2 or 3 toothpicks. Place in hot oil; fry 1 to 2 minutes, turning once, until tortillas are browned. Remove from oil; drain on paper towels.
Remove toothpicks; place chimichangas on individual plates. Top each with heaping 1 tablespoon cream cheese sauce, 1/4 cup Cheddar-Monterey Jack cheese and 1/2 tablespoon onions.