Actually never mind.
Having found the appropriate documentation I see that it can.
“Monthly patterns again allow you to set an event to recur every month or to skip one or more months … they also let you specify the day of the month that events should recur on: this day might be described as a date (for example, the 5th of every month) or it might be described in more relative terms (such as the 3rd Tuesday of every month)”
I’ll leave this here in case its useful for the knowledge base 🙂