Is it possible to cancel or clear a notification created by using notify-send?

The process you are looking for is notify-osd. You can kill it by either the command:

pkill notify-osd

or by its pid:

kill $(ps -e | grep notify-osd | awk '{ print $1 }')

or, even better, as suggested by @kos (thanks!), using pgrep:

kill $(pgrep ^notify-osd$)

Alternatively, if you do not want the notification to show up in the notification history at all, you can try:

notify-send --hint int:transient:1 "Title" "Body"