It's true that canola oil (also known as 'rapeseed') is high (55-65%) in monounsaturates, and between 28-35% polyunsaturated fat, with only a low percentage of saturated fat. But there are more problems with canola than there are health benefits.
Like corn and soy, canola is highly processed and refined, is largely GE and GMO (genetically engineered/genetically modified organism which contains toxins and have no nutritional value), and is highly unstable under pressure, heat and light, which increases free radicals (unstable molecules) in your body. These unstable molecules set off inflammatory responses in the body which can lead to weight gain, heart disease, and other degenerative diseases.
Canola is refined using high heat, pressure and highly toxic petroleum solvents (hexane), and goes through a process of refining, degumming, bleaching and deodorization -- all using high heat and chemicals. High heat and high pressure forces some of the omega-3's in canola oil to turn to trans fats. So you see, canola isn't any better than corn or soybean oils, which are also highly processed and largely GE and GMO.
By comparison, olive and other oils are cold-pressed without the use of heat and solvents during extraction. Use for lower temperature cooking, but olive oil is best used on salads.
Virgin coconut oil is stable enough for high heat, is a great source of good saturated fats and supports immune function.
So now that you have better choices, just say NO to caNOla!