Design a system for implementing canary releases and feature flags to enable controlled deployments and gradual feature rollouts in a software application. The system should allow for testing new features with a subset of users, monitoring performance metrics, and quickly rolling back changes if necessary. Consider factors such as deployment automation, feature toggles, monitoring and analytics, and rollback mechanisms in your design. Discuss how you would implement canary releases by gradually exposing new features to a small percentage of users, and how you would collect feedback and telemetry data to evaluate feature performance. Additionally, address how you would manage feature flags dynamically to enable/disable features at runtime without requiring code changes. Provide insights into the technologies, tools, and best practices you would employ to implement this canary releases and feature flags system effectively.