I think so ...

f.e. we could have the ruler of the Asc, lets say the Moon, be in Libra and Saturn, as the ruler of the VIIth house, in Capricorn - which would form a square, as you have mentioned. The Moon exalts Saturn, but Saturn receives the Moon into it's exile. This is a mixed mutual reception.
Mutual reception by ruling sign is the strongest. There can be reception (in order of strength) by sign, exaltation, triplicity, term, or face. And, of course, by exile and fall.

thank you, Zorana