Cansdell-Sherriff joined North End from Shrewsbury in the summer and has made 22 appearances, scoring once.
The 30-year-old also received two red cards for Graham Westley's men this term and after the second of those, collected during December's penalty shoot-out triumph over Bury in the Johnstone's Paint Trophy, he only featured once more in npower League One.
A left-sided centre-back, Cansdell-Sherriff is Keith Hill's second signing since returning for a second stint as Dale manager.
Hill brought in winger Andy Haworth on a free transfer last week.
