Alphonso Davies's failed Panenka attempt proved decisive as Uruguay edged the shootout 4-3.

Luis Suarez's stoppage-time equaliser sent the contest the distance, after goals from Ismael Kone and Jonathan David had cancelled out Rodrigo Bentancur's earlier strike at the Bank of University Stadium.

Sergio Rochet then gave Uruguay the advantage in the shootout when he denied Kone's tame penalty, meaning Davies had to score with Canada's fifth spot-kick.

However, the Bayern Munich clipped his effort against the crossbar, with La Celeste subsequently snatching third place from under the tournament debutant's noses.

Uruguay took the lead after just eight minutes when Sebastian Caceres diverted a corner to the feet of Bentancur who, on the turn, brilliantly lashed into the roof of the net.

Maximiliano Araujo was denied by Dayne St. Clair from a tight angle before Canada equalised from a corner of its own in the 22nd minute, when Kone beat Rochet with a delightful acrobatic flick.

La Celeste thought it had retaken the lead within a minute when Facundo Pellestri drilled home. However, the offside was raised against Darwin Nunez, who was deemed to be interfering with play during the build-up.

The Canucks then went close to completing the turnaround before half-time with Tani Oluwaseyi nodding wide while Nahitan Nandez – back from suspension – cleared Jonathan Osorio's header off the line.

Oluwaseyi had another opportunity on the hour mark but, this time, was thwarted by Rochet after latching on to a neat throughball.

At the other end, Derek Cornelius came to Canada's rescue with a superb last-ditch sliding challenge to deny Suarez an almost certain tap-in, while blocking Brian Rodriguez's attempt soon after.

Davies drilled just wide, and Federico Valverde clipped the top of the crossbar before David edged Canada in front 10 minutes from time, reacting quickest to scramble the ball home after Rochet could only parry Kone's fierce drive.

However, there was to be a late twist when, in the second minute of stoppage-time, Suarez turned in Jose Gimenez's cross to force a penalty shootout.

Rochet kept out Kone from 12 yards and, with Uruguay scoring all four of its penalties, La Celeste could celebrate after Davies's Panenka attempt came back off the crossbar.

Uruguay has lifted the Copa America trophy on a record-equalling 15 occasions – level with Argentina – but it now has greater experience of contesting the third-place playoff – 16 times.

La Celeste boasted a decent strike rate of nine wins from its 15 previous such matches, but it had lost three of the past four.

A fourth defeat in five appeared to be on the cards when David completed Canada's turnaround in the 80th minute.

However, Suarez had other ideas with his last-gasp equaliser setting up the penalty shootout where, just like against Brazil in the quarter-finals, Uruguay scored four times from the spot.

With Rochet saving from Kone and Davies hitting the crossbar, Uruguay sealed third place and matched its second-best Copa America performance during the 21st Century – also finishing third in 2004, while lifting the trophy seven years later.

Marsch's Canada side had the opportunity to match the second-best performance of a Copa America debutant from outside the CONMEBOL by securing third place – as Honduras did in 2001.

The Canucks were also boosted by the fact Uruguay was winless in its three previous Copa America knockout games against CONCACAF opposition.

Canada demonstrated brilliant character to come from behind, and was moments away from bowing out with the bronze medal, before Suarez denied it victory.

But after defeating Venezuela on penalties in the quarter-finals, there was to be no joy from the spot this time around. Nevertheless, Canada can hold its head high and have plenty of positive momentum to build on ahead of co-hosting the 2026 FIFA World Cup.

Defending champion Argentina will take on Colombia in the final at Hard Rock Stadium in Miami Gardens, Florida to decide the continental title.