The epic contest, which featured a shared seven goals and two red cards for the hosts, was settled deep into extra time when the 12-goal forward stood over the ball from 12-yards out.
His low effort was then pushed away by UAE prospect Mohamed Al Shamsi to provide a grandstand finale.
Speaking in the wake of his failed attempt, a deflated Canedo said: “I’m sad because it’s the first time I’ve ever missed a penalty.
“The team has made a lot of mistakes, but I’m disappointed that I missed a penalty that would change the result.
“The title race remains open, despite our loss. I ask the public to support the players until the end.”
Wins for Al Ain and Wahda ensured Wasl ended the round four points off the pace.
Meanwhile, Sharjah boss Abdulaziz Al Anbari stoically took responsibility for his side’s surprise 3-1 home reversal at the hands of relegation fodder Hatta.
Brazilian pair Samuel Rosa and Fernando Gabriel were at the heart of a second-successive defeat for the King, who had previously won their last four games in all competitions.
“The technical bear this result, although we expected a better level from the players,” said Al Anbari, whose charges next face Shabab Al Ahli Dubai Club on Friday.
Mamic, 46, replaced fellow Croatian Zlatko Dalic in the hot seat at Hazza bin Zayed Stadium on February 1, 2017. The Boss went trophyless in 2016/17, but they’ve set the pace in the Arabian Gulf League for much of this season.
“The truth is that I had a great time during my first year with Al Ain,” said the ex-Dinamo Zagreb and Al Nassr supremo, ahead of Saturday’s visit of promoted Ajman.
“At the beginning of the mission, we were suffering from many problems.
Now the situation is different and the team is ready.
“We are on the right track, but football without trophies does not mean anything. It’s now time to win, because it’s good that the strong results are crowned with important achievements.” Meanwhile, Al Dhafra boss Gjoko Hadzievski is expecting a stern examination despite the continuing struggles of champions Al Jazira.
The Pride of Abu Dhabi have not won any of their last four top-flight fixtures and sit a distant sixth.
“Al Jazira remains a great team, who managed to win the championship last season with impressive results,” said the Macedonian, whose side are bottom. “This is regardless of their recent league losses.” Saturday’s final fixture sees Ivan Jovanovic’s revolution at Al Nasr put to the test at Dibba Al Fujairah.
The Serb beat Jazira 1-0 last-time out, in his first match back at the Blue Wave who sacked him in 2016.
The 2002/03 winners are braced for another tilt at continental glory after second-half goals from Marcus Berg and Caio secured a 2-0 play-off win. Their Croatian coach had expressed worries about preparations in the build-up and he was happy to see these prove unfounded.
Mamic said: “I asked the players to show fighting spirit and seriousness of their football.
“If you do not play in the right image, it may expose some of the problems.”
Now a spot in Group D is secured, the Arabian Gulf League leaders play promoted Ajman on Saturday.
UAE internationals Omar Abdulrahman and Ahmed Barman are serious doubts after they came off injured on Tuesday.
“Amoory and Ahmed Barman are in need of tests to find out the details and the time needed for both to return. I hope they return quickly to the team,” said Mamic.