Heat the canola oil in a medium saucepan over high heat. Add the onion and cook until soft, about 4 minutes. Add the garlic and cook 30 seconds. Stir in the chile powder and cumin and cook 30 more seconds.
Add the tomatoes, season with salt and pepper and cook over medium-high heat, stirring, until reduced to a sauce-like consistency, about 25 minutes. Transfer to a food processor and puree (add water if necessary). Add the honey and more salt and pepper, if needed.
Recipe courtesy Bobby Flay for Food Network Magazine