DOH
I forgot I talked to my dad on the weekend. Here is what he said
The current Canadian salute does indeed date for the unficataion in 1968. It based on the old RCN salute with a change. The elbow is not held as close to the body as the RCN salute was. But they otherwise are very similar.
THe old Canadian Army salute as you see in British army movies. Arm brought up straight out to side until the arm reaches should height at which point the elbow is bent bring it around to hat palm facing out. The arm travels in reverse back down.
The RCAF salute was the same on the way up. Down the straight down with the hand held close against the body.
The link below has a fun story about the salute
Detail Page - Veterans Affairs Canada