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For the sauce: In a saucepan over medium-low heat, combine the canola oil and flour. Whisk together and allow to bubble for 1 minute. Pour in the red sauce, chicken broth, salt and pepper. Bring to a boil. Reduce the heat and simmer while you prepare the other ingredients.
For the meat: In a large skillet over medium-high heat, add the oil. Brown the ground beef with the onions. Drain the fat, and then add the green chiles. Add the salt and stir to combine. Turn off the heat and set aside.
In a small skillet over medium heat, lightly fry the tortillas in canola oil just until soft. Do not crisp. Drain on a paper towel-lined plate. Repeat until all the tortillas have been fried.
Preheat the oven to 350 degrees F.
Spread 1/2 cup of the sauce in the bottom of a 9 by 13-inch baking dish. Dip each tortilla into the sauce. Set the sauce-soaked tortillas on a cookie sheet. Onto each tortilla, place some of the meat mixture, black olives and green onions. Top with a generous portion of grated Cheddar. Roll up the tortilla to contain the filling inside.
Place the tortilla seam-side down in the baking dish. Repeat with the rest of the tortillas. Stir the cilantro into the sauce and pour the remaining sauce over the top. End with a generous sprinkling of cheese. Bake the enchiladas until bubbly, about 20 minutes. Sprinkle extra chopped cilantro over the top. Serve with beans and/or rice.