Madrid hit their straps in the final, with four goals from Juan Escarre, later named player of the tournament, and Javier Arnau adding three to take his tournament total to 16.
The Glasgow captain, John Christie, led the way with the first three goals in the bronze medal game and, while Graeme McLennan went one better for Canberra, the home side were always in control, with new cap Calum Wood dominant.
The Scots missed out on a place in the final when they lost 6-4 to Copenhagen. Madrid, with Arnau finding the net on six occasions, accounted for Canberra, 10-6.
Hull, last year's finalists, have failed to qualify for this year's finals night of the Indoor Club Championship at Crystal Palace on 7 February. They were edged out by Doncaster, who beat Firebrands, 5-3, in the final game of the preliminary round at Worcester to take the last place behind Harborne and Cannock.