Although I like what Jordi said, I put my two cents in this discussion.
According to one study there can definitely be such a thing as too much CO2, as in this study after the CO2 concentration exceeded 40 ppm, some plants begin to suffer, and their growth rate degraded a lot. The author of this study concluded that this high CO2 concentration may "poison" some plants.
As to the flow, we all probably know that the higher the flow the thinner the boundary layer and the better the nutrient uptake rate. So higher flow means better growth for most aquatic plants. I would add that as long as the plant is able to control the position of its leaves toward the light source, the flow is OK. So the flow is too high whenever the leaves cannot turn toward the light anymore, and are just carried by the strong flow which they are not able to resist. So plants need for their leaves to be directed toward the light, so if the flow is too high, the leaves are not able to collect photons efficiently enough, and they begin to be stressed. (Vallisneria is maybe an exception, as its leaves are long and can float on the surface, so even in the very strong flow it can collect light quite efficiently.)