The answer is often YES and NO!
This is very much dependant on site of artwork - but the guideline, particularly if you are in the process of creating artwork, is that we can foil two colours but each area of colour must have clear space between that and the additional colour.
The process involves using two dies and putting the job through the machine twice, where the first 'hit' applies the first colour and the second 'hit' the second colour. This is why clear space is needed as the foil will not adhere to another foil and must be applied onto the surface of the board.
In some cases, except in particularly low volumes, it may be worth considering having the job litho printed where two (or more) colours are required.
Note - we can foil and emboss in the same hit but the cost of the die is roughly double as you require both a male and female die to allow for the emboss.