I'm not fond of Canola: If it gets even a little too hot, it'll add a fishy aroma to your donuts, not to mention your whole kitchen.
I haven't cooked with palm oil, I'd go with good ol' soybean: neutral flavor, decent smoke point.
I've seen Mario Batali deep fry sweet fritters in EVOO, but that's going to significantly impact the flavor.
What is patriotism, but the love of good things we ate in our childhood?
-- Lin Yutang