Yes, you can. You may turn on or off the auto-renew for your domain according to your preference. However, we recommend enabling the auto-renew (by default) to avoid missing a domain renewal.
Auto-renew helps protect your domain from accidental expiration by automatically using the assigned payment method to renew your domain on your behalf.
You cannot cancel a domain as it remains registered until it expires. However, you can turn off the auto-renew for your domain so that you will not be automatically invoiced for it when it nears expiry.
To turn off the auto-renew, refer here for a guide.
To turn on the auto-renew, refer here for a guide.