IPA: /ˈkæn.səl.ə.bəl/
KK: /ˈkænsləbl/
Able to be canceled or called off.
The event is cancelable if the weather is bad.
Cancelable → It is formed from "cancel" (from Latin "cancellare", meaning to cross out or annul) and "-able" (meaning capable of). The word "cancelable" means capable of being annulled or crossed out.
Think of the word 'cancel' which means to cross something out, and remember that 'cancelable' means something that can be crossed out or annulled.