Balanced Equation:

2 CuNo3 + MgCl2 ---> 2 CuCl + MgNO3

Is this correct?

No it isn't and you should never need to ask because you can count atoms on both sides. They will be the same if balanced. I see 6 O atoms on the left (2*3 = 6) and only 3 on the right. Also 2 N on the left and 1 on the right. Not balanced.In addition the formula for magnesium nitrate is not right. Here is the balanced equation.

2CuNo3 + MgCl2 --->2CuCl + Mg(NO3)2