A Canadian victory would make them the second CONCACAF nation to make the final of this tournament, the only other being Mexico in 1993 and 2001.
Tajon Buchanan missed the previous match with a broken tibia and is unlikely to return to this tournament, having undergone successful surgery last Wednesday.
Nashville SC winger Jacob Shaffelburg has stepped up in Buchanan's absence, scoring the only goal against Venezuela.
His three strikes with the national team have all occurred in knockout fixtures, including one in their Copa America playoff qualifier with Trinidad and Tobago, which they won 2-0.
Ali Ahmed was the only newcomer to make his tournament debut in the quarter-finals, coming on for Richie Laryea in the second half.
Maxime Crepeau was caught cheating off his line and punished by a long-range effort from Salomon Rondon but the Portland Timbers goalkeeper managed to stop two Venezuelan penalties in the shootout.
His heroics and another Venezuelan miss from the spot cancelled out the misses by Liam Millar and Stephen Eustaquio.
Captain Alphonso Davies kept them alive by converting his fourth kick before Ismael Kone, set to join Marseille in Ligue 1, notched the winner.
Davies can equal Junior Hoilett and Alex Bunbury for ninth in all-time goals with his next one, while Jonathan David is two behind Cyle Larin for the most ever with this program.
Canada possible starting lineup: Crepeau; Johnston, Bombito, Cornelius, Davies; Osorio, Eustaquio; Laryea, David, Shaffelburg; Larin