Downgrading account

I would like to downgrade my account, but it keeps asking if I want to cancel my subscription.  Is downgrading considered a cancellation?

Cancellation means that your subscription will be downgraded (but account still active, to request an account cancellation/deletion you need to contact support), your account will be set  back to the free status and upon checking your account I can see it will occur on February 5, 2017.