Softcap is the minimum amount in usd the project must achieved to satisfy their needs to competely decided to continue the project. If the softcap doesn't meet, all the members who invested in the ico would be refunded 100% of their money invested.In this case the project will not continue the process of ico because of lacking in peoples interest to the project.
Hardcap is the maximum amount in usd the project is targeting. Whether they reached the hardcap or not the project would still continue the launching of the project because the money collexted was already enough to sustain the project milestone.