A canister type flush valve has an upright cup-shaped hollow float working under buoyancy forces without a captured air volume that controls the valve during a flush cycle. Hooded bleed openings at a bottom wall of the float can be sized and numbered to selectively control the closuring timing of the valve. Baffles of the hood bleed openings redirect water bleeding into the float to prevent the water from spraying up against the top of the tank. The geometry of a seal retaining groove is designed to reduce leakage at the float/seal interface. For example, the groove has an annular wall with a compound profile forming a non-cylindrical, preferably serpentine, seal contact area. The seal is backed by a slotted flange located just above the retaining groove.