A 3-3 draw between Brazil and Panama eliminated Canada from the medal round before ever getting a chance to play their final Group A game on Monday.
Brazil, who had already qualified for the knockout stage, advanced as group leader while the Panamanians earn the second seed after finishing with five points.
Canada, who would ultimately lose 2-0 to Peru in the late game, needed a sizable Brazilian victory to have a chance to move on, but it wasn't to be.
Brazil scored the first three goals and led Panama 3-1 at halftime, but were pegged back by goals from Jorman Aguilar and Fidel Escobar in the 51st and 56th minute respectively before both teams took their foot off the gas.
Now Brazil and Panama will await their medal round opponents, which will be determined in tomorrow's final round of Group B matches.