First time Orchid owner. The yellowing/brownish leaf worries me. Reading the threads but I haven't seen this yet.
Normal for orchids to lose a leaf now and then. I daresay that this leaf's demise was hastened by the large area of damage upon it. How long have you had this plant? Is it producing new leaves/roots? What is the condition of the moss in which it is growing? Make sure that it is not soggy. Do both the brown inner and blue outer pots provide good drainage? The leaf can be left till it falls off on its own, or you can clip it. Use sharp and clean clippers.
Could be culture, as Togata said, and I also agree to cut the leaf off. I've seen this before, and it could have been caused by cold water being splashed on the leaf, or, more possibly, it could be a virus. If it is a virus, the other leaves and the new leaf will also turn out like this. Keep it as healthy as possible, and if other leaves do the same thing, toss it. If you keep it, make sure it doesn't come in contact with other plants, and sterilize all cutting tools that you use on it.
Thank you both for your quick responses. That leaf did fall off almost on its own. Here's what the plant looks like now. It's 6 weeks old in my house and who knows hold old from Rona. The moss is now moist and I'm misting the leaves.
Is it still in the same pot and media you got it in? If it is, it would be a good idea to unpot it and have a look at the roots. Regardless what the roots are like, I would repot it, just to give it a better chance. It needs to be moist, but never wet with very good drainage. Moss is not the best media to use, since it is easy to overwater. A bark/moss mix is good, or a bark/perlite mix. You are in Vancouver, so there are a few orchid societies not far from you that you could ask for help from. You could probably find some good mixes in garden centres there, or even Wal-mart here has a decent one! Check here http://www.canadianorchidcongress.ca/cocmemb.html#AB for orchid societies in your area, and give them a call.