I was recently vectored to final and was cleared to land.  When I was no more than two miles out I was told that my clearance was canceled.  I had not heard that before and was unsure about hearing it right, so when called a second time that my clearance was canceled, I responded that I was already on final, they told me to slow down, make S turns, and watch out for wake turbulence from the jet that was taking the active.  My question is, what is the standard procedure for clearance canceled when on final?  I think had I started a go around I might have caught up with the departing traffic, luckily I was slow and able to land safely with no problems, I have just been concerned with my lack of knowledge with clearance canceled.  Your thoughts and opinions are appreciated.