We prove moderate deviations bounds for the lower tail of the number of odd cycles in a $\calG(n, m)$ random graph. We show that the probability of decreasing triangle density by $t^3$, is $\exp(-Θ(n^2 t^2))$ whenever $n^{-3/4} \ll t^3 \ll 1$, while for $k \ge 5$ we give the same estimate for the probability of decreasing the $k$-cycle density by $t^k$, but for the larger range $n^{-1} \ll t^k \ll 1$. When $m \ge \frac 12 \binom n2$, we also find the leading coefficient in the exponent. This complements results of Goldschmidt et al., who showed that for $n^{-3/2} \ll t^k \ll n^{-1}$, the probability is $\exp(-Θ(n^3 t^{2k}))$. That is, deviations of order smaller than $n^{-1}$ behave like small deviations, and deviations of order larger than $n^{-3/4}$ (for triangles) or $n^{-1}$ (for $k$-cycles with $k \ge 5$) behave like large deviations. For triangles, we conjecture that a sharp change between the two regimes occurs for deviations of size $n^{-3/4}$, which we associate with a single large negative eigenvalue of the adjacency matrix becoming responsible for almost all of the cycle deficit. Our results can be interpreted as finite size effects in phase transitions in constrained random graphs.