You can use the New Rich Content Editor to insert hyperlinks to document files stored in your course and user files.

By default, embedded document links display an icon that allows users to preview the document in the Rich Content Editor. You can disable the in-line preview or open the in-line preview automatically.

Notes: 

• If you set a file as not visible to students in Course Files and link to that file in the New Rich Content Editor, students will be able to view that file using the link in the New Rich Content Editor.
• The New Rich Content Editor is currently a course opt-in feature. You can manage your course features in Course Settings.