'I know they have strict policies and it's tough to cancel any sort of flight, so I was wondering if anyone had advice? Am I just out the money, or is there anything I can do?' The name CheapoAir should be a hint as to how the company operates, but that's another matter.
Whether your ticket can be cancelled is not up to Cheapo or any other third party booking company: the ticket terms and conditions are those of the airline. Have a look at the booking at the airline's website and see what they can offer if you cancel - it may be nothing but taxes and fees less a service fee.
You will almost certainly have to pay CheapO a fee to cancel the booking as well, and that fee may consume any monies you're due from the airline.
After having checked the airline website you may decide not to pursue the matter with Cheapo, but that's up to you. Whether they'll actually do the work to obtain a refund from the airline and pass it on to you is also up to them - they should do this but it may take them a few months. You may wish to speak to the airline to see what they can do, but I suspect they may refer you back to the agent for this.
To save yourself aggro in the future leave out the middleman: book directly with the airline.