I want to make some sugar cookies that call for using 1 cup canola oil. I only have vegetable oil on hand. Would it be ok to use the vegetable oil instead of canola oil?

I always use canola oil. I don't buy anything else.

short answer -- yes

Most oils are interchangeable, it depends upon your taste preference and pocketbook. I purchase vegetable, soy, or canola oil - whichever is on sale - and use those in all recipes calling for oil. But I never use corn oil because it has an unusual flavor.