Anibal Godoy's second-half red card gave Canada the numerical advantage at the Estadio Rommel Fernandez Gutierrez, but the visitors were unable to capitalise.
Panama had more shots as their decent form continued, having suffered just one loss in their past seven matches.
Canada started the better of the two teams, with Patrice Bernier firing well wide after his free-kick struck the defensive wall in the fifth minute.
Godoy went close to opening the scoring for Panama midway through the first half, but goalkeeper Milan Borjan was up to the task.
The visitors were under pressure to finish the half, but Benito Floro's men got to the break on level terms.
Canada worked their way back into the contest just before the hour-mark, and Dwayne De Rosario fired wide.
Both teams had half-chances before the clash swung in Canada's favour, with Godoy seeing red in the 73rd minute.
But they were unable to find a winning goal despite their numerical advantage.
