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I have been facing web page loading time issue for quite long. And after implementing all the optimization techniques, I am only able to get 6 seconds page loading time which isn't that good. There are several WordPress industry experts like: WP beginner recommend using CDN on your website for static files like media and scripts. 

After reading about CDN, I have reached to a point where I am looking for pros and cons of a CDN before implement it. Website is currently rank on around 60 mid level search volume keywords. There are few CDN providers like: 

1. KeyCDN
   
2. CloudFlare
   
3. CloudFront
   

Whereas, there are hosting providers as well which offer free WordPress CDN services which raise few question in my mind like: 

Should I migrate my website to new hosting?
Or Should I use the Premium CDN Service?
Are there any precautions before activating CDN to avoid any ranking drop? 

Looking forward to get some helpful advice. Thanks in advance.

A CDN will only improve your website's SEO. This is because your website will be faster. This means your users & the google robot will load your site faster. Site speed & usability are both ranking factors.