They are interchangeable, but I would go with the canola, because it is healthier.
I prefer canola for everyday use (well, when I am not using olive oil) because it's healthier as MJG states...however I once read a thread on egullet.com where the chefs explained that vegetable oil is better for baking. I can't recall precisely the reason; they said that canola imparts a slight taste when used in baked goods, that vegetable oil does not. Note: I've never noticed said "taste" one way or the other. Regardless, I keep a bottle of corn oil in the cupboards just for cakes. Do I need to do that? I have no idea!! 
Interestingly, I once read a thread here on CC where the member exclusively uses olive oil. For EVERYTHING, including baking! I always assumed that was a no-no as olive oil has a distinct flavor, but for her it apparently worked. Who knows, I might try it sometime just to experiment 
There is no point in using a cold-pressed green virgin olive oil in your cooking or baking, as any of the special health benefits in it are lost as soon as the temperature is raised high enough to cook with. So all you are left with a distinct olive oil taste in your cooking, and no added health benefits. Its also pricey to use in such quantities. If you prefer olive oil, it would be better to use an extra light olive oil, as it has a very mild (almost undetectable) flavour.
Save your special EVOO for dousing your fresh salads and vegetables - yum!
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