Very few airlines cancel for load. It simply never saves money because it creates so many other issues. Loads do become a factor when they simply don’t have enough equipment or pilots to operate their entire schedule. In that case they will cancel flights that cause the least disruption to their system. Generally this won’t be load but involves how out of position it might leave them for aircraft and crews.
In the case of IC they have cancelled 5 of their last 6 flights. I suspect they have an aircraft out of service or severe staffing issues.
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