Canada had too many turnovers, most of the unforced variety; There were also several poorly chosen (forced) shots.
Stauskas, Wiggins and Heslip shot really poorly from the perimeter. Conversely, Venezuela hit several big threes.
In the final seconds after a long Venezuelan shot, a Canadian player was called for a hold with 3 seconds left, sending a guy to the line. He hit 1 of 2 which was the difference in the game. Although it was in my opinion an awful fucking call (shoulda been a 'play on'), the truth is that Canada did not play well enough to win.