Domains cannot be cancelled immediately but they can be left to expire, to do that:
- Click "Domains" above,
- Click "My Domains"
- Click the wrench icon next to your domain name,
- Click "Auto Renew" on the Manage sidebar on the left-hand side,
- Click "Disable Auto-Renew".
You will still receive renewal reminders about the domain's expiration but no renewal invoice will be created automatically.