Canceling a sprint usually happens when there is a DRASTIC change in the priorities which means something which was EARLIER measured as important has MOVED down in the priority list and something with the critical priority has come up. If the requirements which were earlier considered as a high priority have been marked as low, will automatically impact the committed ITEMS in a sprint. 

Hence there is no point in continuing any further. It is actually not a good practice to cancel the sprint very often because in this case, it implies that the stakeholders or the product owner do not have the clarity on what exactly are they looking for. They are not able to prioritize the backlog and might need some help. There is a misconception that the sprint can only be canceled by the product owner, which is not true. The product owner can make a call to cancel the sprint but the other FACTORS are also to be taken into consideration. Once the sprint has been canceled, the first thing that the team will do is – Planning for the new sprint.