Hi,
Canola oil is good. There are better. You should have a variety of fats. Some fish, flaxseed and hemp oil have a very good kind of fat.
Olive oil has another kind, there are other oils that have it's type of fat. There is no one fat that is perfect, and of course you don't want to much. And as much as possible avoid the hyrogenated oils which you find in baked goods like Ring Dings or Ritz. They are the worst.