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I sold a call stock option. Now the price of the stock is higher than strike price of option.

To cancel my contact, would I have buy to close the option at the current price?

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Yes - the way to get completely out of a short option position is to buy to close an option with the same strike and expiry.

You could consider other strategies like rolling your option into one that expires later (buying yours and selling a new one), buying call options (or selling puts) at other strikes or expiries to keep some downside risk but saving some money now, etc. But be sure you are fully aware of the risks involved in doing so. Never risk any more money in options than you're willing to lose completely.

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