If the points are eligible to be banked, yes, they can be banked.
To elaborate... To be able to bank the points released, your cancellation has to be more than 30 days before your arrival date and you have to still be within the banking window of your use year.
If you cancel less than 30 days before arrival, they go into a holding account where you must use them in your current use year. Also, if you cancel and you are already past the date within your use year where you can bank points, you have to use them within the current use year or loose them.
Hope that helps.