[Lazare]

Yes. Canola is, basically, the edible type of rapeseed oil. The name was originally a trademark, but is now a generic term. Australia and NZ also call it "canola", but it's the same oil either way, and it's fairly decent, as far as vegetable oils go.

[dfrage]

Per Wikipedia, "the name was a condensation of "Can" from Canada and "ola" from other vegetable oils like Mazola".

[polyfather]

Thanks for this. For most of my life I thought it was a sort-of acronym for "CANada Oil, Low Acid" (as it's lower in acid than other rapeseed oils). Your etymology is the correct one.