Yes, it can be setup as a totally asynchronous learning tool.
A couple of ideas to help. You can create learning units using the modules and setup content pages for the overview page with instructions and learning goals, then add content pages for lessons, assignments for activities and quizzes that are autograded. You can also create module completion requirements to ensure students complete tasks and prerequisites to ensure they complete learning units in order or in progression. Also, you can leverage MasteryPaths to create more personalized learning experiences.
Student can view their progress by reviewing the module page.
We created an example of a self-guided, asynchronous e-learning that was designed with three levels of learning each including 6 modules that could be completed in any order. Check it out in the Commons for you to download called Canvas Levels of Learning.
I think you will find Canvas can meet a lot of needs when it comes to e-Learning.
