While Doc is correct, there is an exception. Through BVTC, you can trade to Canada using points directly, but only for the Intrawest locations. You can schedule any number of days this way. There may be a minimum (seems like it was 3) and you cannot schedule 7 days, must do 7 days through II. Seems like you can only schedule at 6 months out for BVTC. There are also resorts in Europe that are available this way. There used to be optons through BVTC for HI, but they went away a few years ago.
While I've talked to MS about this option, I don't recall how many points. I believe it was substantially more per night than trading through II but you can make the reservation directly which is a plus.