The baseball game was called off due to rain.
Sorry, but it was decided that this project will be canceled for now.
The live show I had been looking forward to was canceled.
When something is in the middle of an action but it's stopped, this means it's put into suspension. Imagine getting frozen while you're running. It's kind of like that.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.