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 on the Manage button, then select Disable Auto-Renew from the menu.