Yes, canceling a subscription renewal is possible. However, to cancel your subscription renewal, you must cancel it at least a day before the renewal date.
To cancel your subscription renewal, head over to the Account page after clicking on My Account at the top of the sidebar menu of the user dashboard. Click Billing on the right of the navigation bar and then select Payment Details. Under Payment Details, click Cancel Subscription in the Subscription Plan row.
Alternatively, you can cancel your subscription renewal by accessing the Pricing page by clicking on Upgrade in the Account Plan line under the Account Details section of the Account page.