Thanks. After searching around it looks like the only way to cancel the year long subscription is to wait until it is renewed, and then cancel it (and hopefully get a full refund). Very strange strategy. Why not add the option where we can cancel the renewal?
Please check here: Cancel your membership or subscription | Creative Cloud
You can cancel your membership after payment for month 12 has been taken if you don't want to renew for another year. Your month 12 payment is due on 15th June so you can cancel anytime after this date and before 15th July. You will still have access for that period.