Canada missed their first chance to qualify for the 2016 Olympics in men’s basketball, after they were upset by Venezuela in the semi-finals of the FIBA Americas Championship in Mexico City.

The Canadians will now play for bronze against Mexico, which lost 78-70 to Argentina in the other semifinal.

The FIBA Americas tournament in Mexico City was supposed to be the big coming out party for Team Canada, and in some ways, it was. On the other hand, Cory Joseph vowed to provide the much-needed leadership in their bid to take one of the two Olympic spots at stake in the tournament.

Venezuela’s tenacity paid off, as they overshadowed Boston Celtics’ power forward Kelly Olynyk’s game-highs 34 points and 13 rebounds.

It wasn’t to be though as Venezuela was led by Windi Graterol led the way with 20 points, on 7-of-11 shooting. Venezuela made a last second free throw to beat Canada 79-78 and qualify for the Olympic tournament. “Many people doubted that we were capable of this”.

The call, which came with 0.3 seconds remaining in a tie game, gave Venezuela’s Gregory Vargas two foul shots.

Canada (7-1) has an off-day Thursday before Friday’s semifinal, which will essentially be like a championship game. Still, the whistle was shocking and horrendous given the situation – neither team had possession, and time was basically expired in a game deciding which country would go to the Olympics. “Our dreams have been put on hold”, said Head Coach Jay Triano.

Since opening with an 94-87 loss to Argentina, the Canadians have reeled off six straight victories to earn a final four match-up with Venezuela this afternoon.

Ayon also grabbed 14 rebounds, while Jorge Gutierrez scored 23 points and Francisco Cruz added 21 for the Mexicans.

It is possible that Canada – likely Toronto – hosts one of the tournaments.