What Does Pip Mean?
The smallest price change that a particular exchange rate can process. Because most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point; for most pairs this is the equivalent of 1/100 of 1 percent, or one basis point.
Investopedia explains Pip
As an example, the smallest move the USD/CAD currency pair can make is $0.0001, or one basis point. The smallest move in a currency does not always have to be equal to one basis point, but this is the case with most currency pairs.