It was announced this week that Ancelotti will leave Real at the end of the season to take charge of Brazil. With everything to change on May 26.
Canizares said on Radio Marca: "I've always shown respect and admiration for Ancelotti, and soon everyone will be remembering what he's done.
"Normally, coaches leave when they don't meet their objectives; it's very difficult to do what (Toni) Kroos did.
"The one who's out of the picture is the Brazilian Football Federation; Ancelotti is a victim of how things are rushed and done badly."
On the arrival of Xabi Alonso as Ancelotti's replacement, Canizares added: "I have no idea what we'll see with Xabi Alonso, but what I do know is that when a new coach arrives, there's a psychological change in all the squads."