Preheat oven to 350 degrees F. Coat a bundt pan with baking spray, then set aside.
In a large bowl, sift together flour, baking powder, baking soda, and salt. Set bowl aside.
Using a stand mixer (or hand mixer + large bowl), mix canola oil and granulated sugar on medium-high for 2 minutes.
Drop mixer speed to low and beat in eggs, one at a time, mixing thoroughly in between.
Add vanilla extract and champagne (note: be sure to take measurement of champagne after bubbles have settled) and mix until incorporated.
Using about 1/2 a cup at a time, add dry ingredients to bowl. Mix until dry ingredients are no longer visible and there are no clumps. Use a spatula to scrape the sides and bottom of the bowl to free any excess flour mixture. Use a whisk to gently blend and break up any clumps. Batter may be very thin – this is okay.
Pour batter into prepared bundt pan. If desired, place bundt pan on a baking sheet (for easy handling) then place in oven. Bake for 45-60 minutes or until a tester inserted in the deepest part of the cake comes out clean.
Let cake cool in the bundt pan for 20 minutes, then transfer to a wire rack to cool completely.
For the Champagne Glaze
In a small bowl, whisk together powdered sugar and champagne. Glaze should be thick but still able to drizzle off a spoon.
Add glaze to a plastic bag and cut a small hole one of the corners. Use bagged icing to generously drizzle glaze on top of cooled cake. Add sprinkles, if desired. Once prepared, bundt cake can be stored in an air-tight container in the refrigerator for up to 4 days.