Goaltender Justin Pogge misplayed the puck behind the net in the third period and Andres Ambuhl scored the winning goal, giving HC Davos a 3-2 victory over Canada on Sunday.
It was a tough way to lose.
"It was an unfortunate goal to win it but sometimes that happens," said Canadian forward Tyler Wright. "Pogs went out to play the puck the way he's probably done a thousand times. For some unknown reason, it gets misplayed.
"You hate to lose like that, but it's a game of breaks and mistakes. They got a lucky one."
It's the second straight year Canada has lost in the final of the five-team tournament.
Mario Scalzo and Jason Doig had staked the Canadians out to an early 2-0 lead in front of another sellout crowd at Eisstadion Davos.
But the Canadians played "cautiously," according to coach Pat Quinn, and saw Davos chip away at that lead.
"They looked dead in the water early on and if we'd of been able to get the third goal it would have been a smoke out," said Quinn. "But we didn't get it."
Robin Leblanc, Eero Somervuori and Ambuhl scored for Davos, which won its home tournament for the fourth time since 2000.
Canada led 2-1 heading into the third period before Somervuori tied it on a power play just over three minutes in. Six minutes after that, Ambuhl scored the eventual winner.
Canada has won the Spengler Cup 10 times since it started participating in the annual tournament in 1984.