Hi,
Yes and no
Firstly, to print the MICR line, you need to download a MICR font (you may need to procure one unless you can find a free one and get it passed validation - the MICR font used in SSRS is IDAutomationMICR however this is a paid font) and set that within the document template.
This will allow you to generate the cheque with a MICR line in Excel format.
However, if you want to print the document from D365, it converts the Excel doc to PDF online in order to print and only has access to a limited range of cloud Office 365 fonts so it converts the MICR font to a standard font when printing.
Unfortunately, if you want to print the document from D365, you have to recreate the ER format as a PDF template or as a Word template. The PDF template requires some sort of PDF editor which may be costly so I haven't personally got it working.
The Word format also has to convert the document to PDF when printing but with Word, you have the option to Embed fonts thus ensuring the MICR font doesn't switch back to a standard font
Hope this helps and good luck!