I don't believe you can actually cancel or delete an iCloud account.
However if you're concerned about having an unused account sitting around, with personal information attached, you can log into the Apple ID management site account and remove or change the details there.
It looks like you're paying for 20GB storage (it's an additional subscription over the standard free 5GB). There's plenty of help with this stuff on the iCloud page, click the "?" at the top right of the page.
But I've had a quick look for you, instructions to upgrade or downgrade your storage can be found here.
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