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There is some transfat in canola oil and has a moderate amount of saturated fats.

Personalty I prefer to stick with olive oil. I have found a chart showing the different fats in some of the oils available have a look at the associated link(Breakdown of Fat Types in Various Oils) below.

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Q: Canola oil is free of cholesterol and trans fat and low in saturated fat. Is it true?
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True