Will a bad capacitor cause a ceiling not to run on medium speed?

What do you mean by "2 low speeds". Do you mean you have low speed in both directions? What about 1 high then - only one direction?
A capacitor is not a likely cause - wiring issue (or difference in internal connections of the replacement switch) is more likely.
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Chain broke on ceiling fan. I replaced the switch but now fan has 2 low speeds and 1 high. No medium. I checked switch wires independent of switch and speeds still the same.
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