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It seems to be working fine, please check the screenshot below.
Crosshair on Y Axis

As you are setting labelWrap to false, labelMaxWidth for crosshair label will be limited to the space available for corresponding axis. Setting crosshair.labelMaxWidth would work fine in this case. Also you can set axisY.margin along with crosshair.labelMaxWidth if the crosshair label is getting clipped.

If this doesn’t solve the issue you are facing, kindly create a jsfiddle with the issue you are facing so that we can understand it better and help you out.

Vishwas R
Team CanvasJS