Should cancel be a button or a link?
To summarize
The cancel option is similar to aborting an action, and therefore similar to navigating back to the previous state of the UI. Navigation is represented in web UI as hyperlinks, and thus the cancel option should be a hyperlink.
Is a cancel button a CTA?
A Cancel button is not a call to action because no changes to the system occur after users press it. You shouldn't emphasize it with color, or you'll give users that impression. Instead, you need to let them know that the button won't make any changes and is an escape from action.
Should cancel go on left or right?
In most languages, people are accustomed to read from left side to right side, so it accords with our speech habits to put ok-key on the left side of cancel-key.