A canceled solicitation may or may not reappear, but it is always worth reaching out to the contracting officer for clarification. Federal agencies may cancel a solicitation at any time before award, and they are not required to provide a reason at the time of cancellation under FAR 14.404-1(a) for sealed bidding or FAR 15.206(e) for negotiated procurements. The contracting officer is the best source of information on whether the requirement will be re-solicited, and if so, when and in what form.
Often, a cancellation means the agency is revising the requirement or its acquisition strategy and plans to issue a new solicitation later. This is common when the agency receives questions during the Q&A period that reveal ambiguities, or if the initial market research showed a lack of competition. If the CO indicates the requirement will be re-solicited, your team's previous work on the proposal will likely be useful for a future submission. The CO may also offer a debrief if your firm was in the competitive range before the cancellation.