What is a pip? Please give me an example!

Pip in Forex is the smallest price change in currency exchange rate.
Fore example, a current rate for EUR/USD = 1.4000.

If we add 1 pip to the rate, it'll look next way:
EUR/USD = 1.4001
The last decimal place in the rate is the smallest change of the value of the EUR/USD pair.

When currency pair rate increases, for example, by 5 pips, it means the value of that pair (EUR/USD in our example) will look next way:
EUR/USD = 1.4000 + 0.0005 = 1.4005

On the sreenshot we can see a chart of US dollar versus Canadian dollar (USD/CAD).
The very last price bar shows that the exchange rate raised from 1.1865 to 1.1866.
In other words, USD/CAD pair has moved up by 1 pip.