Brazil won the tournament with a 2-0 record, while Canada finished second after a 1-1 mark.
The final ranking was Brazil first, followed by Canada, New Zealand and Colombia, respectively.
The best goalkeeper of the tournament was Brazil's Andreia while the best player of the tournament was Canada's Diana Matheson.
Trailing 1-0 in the third minute of extra time, Canada got what it thought would be the eventual equalizer when captain Christine Sinclair scored her 17th goal this year to set a new Canadian record.
Sinclair is also Canada’s all-time leader in caps (184) and goals (137).
It appeared the match was headed to kicks but just moments later the Canadians were caught out of position as Brazilian substitute Grazielle covered a shot from in close. Brazil opened the scoring in the dying minutes of the first half on Formiga’s volleyed-goal.
On Saturday Sinclair and Diana Matheson each scored to lead Canada in a 2-0 victory over New Zealand. Canada's women's national team will train in Switzerland until Wednesday, then travel to England for the Summer Games.
Canada's opening match in Olympic women's soccer is July 25 against Japan. "It is a great place in which we have been able to get the right balance of work, rest and play," said Canadian head coach John Herdman. "What a classic match today. It was one of those matches that will really set you up for a big tournament."