Canola is actually lower in saturated fat than olive oil. It also has a significant amount of monounsaturated fat and boasts some omega-3 fatty acids that have been shown to have a positive effect on blood pressure, cholesterol, and inflammation.
Try it: Canola has a higher smoke point than olive oil and is best for higher-temperature cooking. Hensrud recommends using it for foods where you don't want the oil impacting the flavor. For some, that means it's a smart choice for baking.