Mischievous Mike pulling out of parade (4)

I believe the answer is:

arch

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'mischievous' is the definition.
(arch can mean mischievous or playful)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for arch that I've seen before include "Knowing, sly" , "Wellington's, perhaps" , "which may fall and inconvenience walkers" , "(archaic)" , "Curve of the foot" .)

I've seen this clue in The Times.

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