One Canadian dollar is
of a U.S. dollar
Solution:
Given that, One Canadian dollar is valued 0.96 of a US dollar
To find: One Canadian dollar is valued at what fraction of a US dollar
Which means, we have to convert 0.96 to fraction
From given,
1 canadian dollar = 0.96 US dollar
Convert 0.96 to fraction:

Multiply and divide by 100

Simplify the above expression

Reduce the fraction to lowest terms

Thus, one Canadian dollar is
of a U.S. dollar