Hello 'bedil_canada',
Did you know that if you click on the bid list for any auction, just below the bid list is the phrase:
"you can only retract your bid under certain circumstances. Learn more."
which will eventually lead you to the blurb about Changing or retracting your bid with a link
http://offer.ebay.ca/ws/eBayISAPI.dll?RetractBidShow
And as I'm sure you know, retracting is considered poor form so don't make it a habit. Here is more ebay policy to beat yourself up with:
http://pages.ebay.ca/help/policies/invalid-bid-retraction.html#policy
And of course, you can always ask a seller to remove your bid, but most folks prefer to do it quickly and quietly themselves.
Best of luck 
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