Using the built-in printer paper profiles and allowing the printer to manage color will usually result in very saturated and unrealistic color. This is because you are printing with what is called an unmanaged color process. The way to resolve this is to use the .icc color profiles with an ICM, or Image Color Managed process.

Adobe Photoshop, Lightroom and I believe PSE8 allow you to select a paper/printer/ink specific color profile when printing. A couple things to be sure you do when printing with an ICM program like one of those above. First, you need to make absolutely certain that in the printer driver, the "Color Correction" setting is "None". To do this, under the driver "Main" tab, in the Color/Intensity area...choose Manual, then Set:

If you use Driver Matching you'll usually get highly saturated results, and choosing ICM only enabled a partially managed color process pipeline. Selecting None puts the burden of color management entirely on the software you are using, and tools like Lightroom have superior color management capabilities. You will also want to make sure that Color Adjustment settings are unmodified, as any adjustments on this screen will affect the color rendering as sent from an ICM tool like Lightroom.

Finally, you will still want to make sure you select the matching paper type if you are using a Canon paper, and use the front flat paper feeder. Using the rear feeder bends the paper, and for art prints thats just not a good tactic. The semi-gloss papers are thinner and don't break from being bent, but bending can affect the print surface in undesirable ways for such large paper sizes.

For third-party fine art papers, you will usually want to use the Matte Photo Paper setting, although some paper manufacturers will direct you to use a specific Canon driver paper setting for some of their papers (such as Moab's semi-gloss and gloss papers.)

Once you have the driver configured right, you should save the settings as a quick setting. This allows you to restore certain print settings in a single click for various common paper types.