Canavesi moved to Penarol in 1928.
His next taste of tournament football came at the 1928 Olympics at Amsterdam. Canavesi was called up for the semi final clash with Italy, replacing Jose Nasazzi. This, his 9th international, transpired to be his last.
Tradition has it that, when Uruguay set out to play the final against Argentina on June 10th, that Canavesi refused to board the coach. He was convinced that his presence, even if he wasn't playing, would be bad luck for Uruguay. He stayed away from the stadium. Petrone put Uruguay ahead on 20 minutes. Nola Ferreira equalised after 50 minutes. A replay.
3 days later, the same stadium, the same referee. The attendance, officially 28.113, just 140 less than for the first match. 1 change in the Argentina line up. 5 changes to the Uruguay team. Still no Canavesi. Scarone smashed in the winner in the 73rd minute- Uruguay 2, Argentina 1. Adhemar Canavesi was an Olympic Gold Medalist.