Canceló means "she canceled." While the literal meaning is straightforward, its use in this song is quite modern and metaphorical, making it interesting and unique.
In the lyrics, "Y a Cupido lo canceló" (And she canceled Cupid), it signifies that the protagonist is completely done with love and romance. It's a powerful and contemporary way to express moving on and rejecting the idea of falling in love again, making it a memorable word for learners.
This is a song for anyone who's just gotten out of a bad relationship and is ready to feel good again. Jay Wheeler sings about a woman who has had enough. She's just left her boyfriend because, as the song says, "Se cansó de sufrir" [She got tired of suffering]. So what's her plan? "Hoy ella va a salir" [Today she's going out].
Her friend picks her up, and she has no curfew. She's completely in charge of her own night. She even makes it official by posting a photo with the caption, "está soltera" [she's single]. This isn't about finding someone new, though. She's decided to protect her feelings for a while, even saying she "a Cupido lo canceló" [cancelled Cupid]. Right now, it's all about nights where she can dance by herself, because "Nadie la controla" [Nobody controls her].