"Pip" is an acronym for percentage in point or price interest point. A pip is the smallest whole unit price move that an exchange rate can make, based on forex market convention.
Most currency pairs are priced out to four decimal places and a single pip is in the last (fourth) decimal place.
For example, the smallest whole unit move the USD/CAD can make is $0.0001 or one basis point.
Reference: https://www.investopedia.com/terms/p/pip.asp