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Even the largest hoods are ineffective at reducing flare from a strong light source--e.g., sun--just out of frame. I've found using my cap or even hand works better than a lens hood. You can buy a shade on a gooseneck called the "Flare Buster." It mounts in the hotshoe and can be adjusted to block a streetlight or troublesome sun. I prefer just using my hat. Canon's hoods are mainly useful for keeping rain and hard objects from hitting the front element.
Yea I keep mine on a lot just in case of bumps too.
The original hood just doesnt protect it at all.
Flare on my copy seems to be very well controlled.
I like the size of the 17-55 hood, but dont know whether it will mount correctly or cause vignetting.
Might just get one off amazon for $5 and return it if it doesnt fit.