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Hello! I had the same problem, but I spoke to Customer Support about it, and they were able to help. Here's what you have to do. Go to your Settings tab. There, you'll see Membership. From THAT Membership tab, you'll be able to cancel and downgrade to a free membership. If you go straight to Membership from the right-side options bar, you don't get that option. So, Settings, THEN Membership.
I'm not very good at explaining things, but I do hope this helps!

As I can see, you can try to cancel it on "Settings" tab, and it will maybe downgrade to free plan. Here is link(not sure if it will work); https://www.freelancer.com/users/settings.php#/MembershipSettings

If you are using, premier /professiona/pus member, You will not be able to see the free. then you have to downgrade started then again go to the membership page and then you will able to see the free. Then you can downgrade. . To do just click the image of your profile picture > click the membership > you will be redirect > https://www.freelancer.com/membership/index.php?ref=davinci_membership_status

Hope your issue will be solve.

@Fani As pointed by Fani, there is no option to cancel paid memberships. You can always downgrade or upgrade to paid membership (no obligations :D) .
@Martin there is no option to cancel membership in setting just 'manage' membership option is there which leads to same page as told by Fani.

The only solution is to issue a ticket or contact support support@freelancer.com. They claim they work hard.... :D.

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Click on your photo on the right top corner and select the second link just after your link. This is a membership link. After you reach the page you are allowed to choose from a variety of membership plans you can degrade it or upgrade it.

you can cancel your membership subscription from the settings page. To do so, go to Settings > Membership. From there, click the "Cancel" button under Current Plans. Select a reason for downgrading your membership, and then click the "Continue" link

Thanks mr Gull9

would like to hear more about this

I still don't understand anything, not just downgrading
I wish if someone could help

It won't let me downgrade to a free member. The Downgrade button just doesn't show up. It is just me or they don't have a free membership anymore?