Canola oil is just made from one specific vegetable, canola. That's all. In fact when I buy "vegetable oil" and look at the ingredients, that IS the one and only ingredient! So go ahead, use it. It doesn't taste of anything so it won't make whatever you're baking taste wrong. The one thing NOT to use is olive oil as that has a definite peppery taste. Definitely only use that in a cake if the recipe says so.
Just out of interest, because I'm in the UK, it doesn't say canola on the bottle, it says rapeseed. No doubt your country got squeamish about the "rape" in it, though it has nothing to do with the sex crime, it comes from the Latin "rapa" which means turnip. The oilseed rape plant is related to turnips (swede, rutabaga, whatever you call them). Fields of it in summer are easy to identify because it has bright yellow flowers - I've seen them. The seeds have a lot of oil in them so that's why it's grown, to press oil out of the seeds. And it happens to be the cheapest in the UK so no wonder that's what I get in a bottle of "vegetable oil".