The most common and most likely answer to this crossword clue is the 5 letter word VOIDS
V
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The straight part
We know that "Cancels" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cancels = voids.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does VOIDS mean?
VOIDS noun- An empty space; a vacuum.
- An extended region of space containing no galaxies
- A collection of adjacent vacancies inside a crystal lattice.
- A pocket of vapour inside a fluid flow, created by cavitation.
- An empty space between floors or walls, including false separations and planned gaps between a building and its facade.
- To make invalid or worthless.
- To empty.
- To throw or send out; to evacuate; to emit; to discharge.
- To withdraw, depart.
- To remove the contents of; to make or leave vacant or empty; to quit; to leave.
- A voidee.