A 0-0 draw was enough for Panama to clinch first place in Group A at the Gold Cup, while Canada will go home early for the second consecutive time.
Though Canada had the majority of possession throughout the game, it was Panama that threatened most, particularly in the first half.
In the 18th minute, Marcos Sanchez nearly capitalized on an Ashtone Morgan giveaway, but his misplaced shot swerved just over the bar.
Five minutes before halftime, FC Dallas striker Blas Perez' header just missed the top corner from a corner kick.
Shortly after the break, Jairo Jimenez' blistering shot from outside the box forced Milan Borjan into an excellent save, after another poor clearance from Morgan.
With 35 minutes to go, Tossaint Ricketts entered the fray and Canada moved to a two-striker setup in a bid to score the crucial go ahead goal. But it was all to no avail as the Reds rarely threatened the Panamanian goal.
The draw suits Panama as it was enough for the Central American team to clinch Group A.
Canada failed to score a single goal in the tournament and has yet to score in almost 500 minutes of play. Colin Miller, who will now hand over the coaching reigns to Spaniard Benito Floro, was winless during his interim tenure.