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.
Jay Wheeler switches things up here from his usual slow, romantic heartbreak ballads to bring us an uptempo reggaeton anthem about a girl who is totally done crying over her ex. The opening lines set the scene immediately: she just dumped the guy she was suffering with, hopped in her best friend's car, and decided that tonight she is over him. Puerto Rican slang takes center stage right away when Wheeler sings she is of age "Pa' janguear" (to hang out or party) and rolls up a couple of "Phillies" (cigar wraps commonly used for rolling weed) on the drive over. She has thrown away her watch, meaning there is no curfew, and posted a fresh photo online announcing she is officially single.
The blunt honesty in these lyrics makes the track fun. Wheeler points out that she packed condoms in her purse, but if she hooks up with someone, "deja el corazón afuera" (she leaves her heart outside). She froze her feelings and canceled Cupid entirely. The chorus repeats that these are "noches de rolas" (nights fueled by party pills or ecstasy) where "baila sola" (she dances alone) and "nadie la controla" (nobody controls her). It is a direct look at moving on by choosing wild independence, loud clubs, and zero emotional strings attached.