@Beckwite The direct answer is no but it may be one of the better options. If you are a Microsoft school and have access to O356, you can use OneDrive, that is probably the best since PowerPoint is part of Microsoft. This will allow easy embedding in Canvas.
Canvas will also allow you to directly upload them in most areas or they can be stored in the "files" area of a course. The only reason I caution putting them directly in Canvas is PowerPoint files can be fairly large and you do have a limited amount of space in each course. By putting them in Google Drive or on OneDrive you do not have to worry about space and the larger files will embed much nicer. I have a faculty member that makes some really nice PowerPoints but they are HUGE is space so I had him start sharing them and embedding them through OneDrive. What used to take several minutes for students to load or download are now almost instant.
Hope this helps!