I can still connect to Onedrive, so it should work.
It is impossible to know what might be happening from that error message. It looks like Onedrive refused to let CC "see" the storage. Are you sure you used the correct username and password? Did you try more than once?
If you send me a CC debug log then I might be able to say more. See our FAQ
How do I get help? for instructions on how to do that.