Heat the canola oil in a large saute pan over medium-high heat. Sprinkle the squab with salt and black pepper and place in the pan, breast-side down. Add the butter and cook the squab until the skin is golden brown. Flip the squab, and continue to cook until medium rare. Transfer to a plate and let rest.

Drain off any excess oil from the pan, and then heat the olive oil over medium-high heat. Cook the carrots, celery and onions until lightly browned. Stir in the garlic and cook 1 minute. Increase the heat to high, and then pour in the port and red wine and cook until reduced by three-quarters, scraping up any brown bits on the bottom of the pan. Add the stock and cook until reduced by half, then stir in the creme fraiche. Strain the sauce into a bowl, and then heat gently in a small saucepan over medium heat. Once bubbling, remove from the heat and add the parsley, thyme and piquillo peppers. Taste and season with salt and freshly ground pepper.