Induced drag is highest at the lowest speeds. Parasite drag goes up as speed goes up. When we are talking low-speed aerodynamics we are generally talking about speeds below about 30% of the speed of sound (about 200 mph, that's where i got that number). Induced drag is high in this aerodynamic regime.

The predominant form of drag really depends on how much of each form of subsonic drag that you have. Parasite drag will definitely become an increasing problem with increasing speed, but we need to consider "how much" of each form of drag that you have. If you have say, 70% induced drag at the speed you are flying at, it makes more sense to try to reduce that 70% rather than go after the 30% of parasite drag. See what i mean?

http://142.26.194.131/aerodynamics1/Drag/Page9.html