Cancellation of The Secret Circle (2011-2012)

Was there any reasoning behind the cancellation of The Secret Circle

The most obvious answer would be the sharply declining ratings (nearly) each episode got. The following graph is based on the zap2it reports of the Nielsen ratings listed below:

_{Click to Enlarge}

Not only were the viewers low, The Secret Circle was consistently the lowest viewed TV show in the 9:00pm timeslot across all broadcast networks, and by quite a long way compared to the second last:

1. Pilot - 3.05 million viewers - Last by 60,000 viewers
2. Bound - 2.12 million viewers - Last by 5.52 million viewers
3. Loner - 2.12 million viewers - Last by 4.58 million viewers
4. Heather - 1.96 million viewers - Last by 6.74 million viewers
5. Slither - 1.89 million viewers - Last by 4.191 million viewers
6. Wake - 2.12 million viewers - Last by 1.16 million viewers
7. Masked - 2.333 million viewers - Last by 3.119 million viewers
8. Beneath - 2.26 million viewers - Last by 3.89 million viewers
9. Balcoin - 2.17 million viewers - Last by 3.79 million viewers
10. Darkness - 2.05 million viewers - Last by 560,000 viewers
11. Fire/Ice - 1.93 million viewers - Last by 3.57 million viewers
12. Witness - 1.63 million viewers - Last by 4.39 million viewers
13. Medallion - 1.74 million viewers - Last by 3.57 million viewers
14. Valentine - 1.82 million viewers - Last by 3.37 million viewers
15. Return - 1.71 million viewers - Last by 2.67 million viewers
16. Lucky - 1.62 million viewers - Last by 3.25 million viewers
17. Curse - 1.72 million viewers - Last by 1.7 million viewers
18. Sacrifice - 1.33 million viewers - Last by 1.26 million
19. Crystal - 1.14 million viewers - Last by 3.21 million viewers
20. Traitor - 1.15 million viewers - Last by 3.02 million viewers
21. Prom - 1.23 million viewers - Last by 3.21 million viewers
22. Family - 1.28 million viewers - Last by 3.21 million viewers

Could [it] return again in the future?

Possibly, but I doubt it. Wikipedia says there have been several attempts but all of them failed:

On May 11, 2012, the CW cancelled the series, despite being the network's third-highest rated performer. A formal fan-led campaign website titled 'Save The Circle' was launched. A letter-writing campaign aimed to encourage the CW to re-consider bringing back the show for a midseason slot. Campaigns were also launched at other TV networks whose target demo matched those of The CW—MTV, ABC Family, and Syfy.

A letter-writing campaign to Syfy was also launched, but ultimately the 'Save The Circle' campaign leaders decided against pursuing the network further due to budgetary concerns. Following the announcement that Warner Bros. had unsuccessfully entered talks with ABC Family about picking up the show and that the series would not be shipped to another network, campaigning targeting potential networks for a pick-up ceased.