Cunning male dropping out of parade (4)
I believe the answer is:
arch
'cunning' is the definition.
(arch can mean cunning or tricksy)
'male dropping out of parade' is the wordplay.
'male' becomes 'm' (common abbreviation).
'dropping out of' suggests deleting specific letters.
'parade' becomes 'march' (a ceremonial march).
'march' with 'm' taken out is 'ARCH'.
(Other definitions for arch that I've seen before include "Inner side of foot" , "Cunning; playful" , "Curved part of stone bridge, perhaps" , "Curved masonry construction" , "Curved shape that spans an opening" .)