Canada held on to secure victory in the women's ice hockey final on Thursday as they saw a 3-0 lead evaporate under late pressure from their old rivals, Team USA.

Sarah Nurse got the Canadians off the mark in the first period right after one of their efforts was ruled out for offside.

Canada's captain Marie-Philip Poulin then racked up two more goals to put her team into a 3-0 lead as the game threatened to become a thrashing for the US.

But it didn't work out that way.

Late in the second period, Hilary Knight pulled one back for Team USA and it was game on.

Into the third period, a tangible sense of desperation rose in the final minutes, with American players throwing everything they had in a frantic attempt to make up the gap, bodies piling on top of each other in front of the Canadian goal.

Team USA scored a second through Amanda Kessel, making it 3-2 with just 12 seconds on the clock.

The US outshot Canada 40-21 but ultimately it wasn't enough, as the Canadians erupted into ecstatic cheers at the final buzzer and leapt into a group hug. Some US players left the rink visibly in tears.

Four years ago at the Pyeongchang Games, the US beat Canada in a penalty shootout in the final to win Olympic gold.

Between them, the two teams have won every Olympic gold medal in this sport.

Cheerleaders and Bing Dwen Dwen: The mood in the stands was upbeat and excited throughout the match, with hip hop tracks by artists including Dr. Dre blasted through speakers during breaks between periods.

There was a solid crowd cheering on both teams, with fans waving American and Canadian flags, and some even beating drums after goals.

There were also official cheerleaders present, wearing neutral blue hockey sweaters and helping drum up enthusiasm. At one point, the Olympic panda mascot Bing Dwen Dwen — the unexpected breakout star of the Games — joined the cheerleaders in dancing.

Thomas Bach, president of the International Olympic Committee, watched the match as well, and was spotted taking photos with the bronze-winning Finland team.