Yes you can set a minimum cancellation policy from the main side menu, Settings > Calendar Settings > Client Booking Limits > Minimum Cancelation Window.  

If a client attempts to cancel outside the window policy, they will see a warning message and a note will be added to the booking's ‘Appointment Notes’ with the date and time of the attempted cancelation, as well an email will be sent to the Service Provider advising of the attempt so the provider can contact the client to avoid a possible no show.