Slight correction, Canada actually has 5 major banks, not just 4, that monopolize the banking sector: RBC, BMO, CIBC, TD, and Scotiabank.

The Canadian banking sector had traditionally been very conservative and highly regulated compared to US banks. That is part of the reason why Canada did not get hit very hard during the 08/09 financial crisis. So, I agree that Canada's banking system is not that free when compared to the US.

Yes, before virtue signalling, failure to face reality Trudeau got in office, Canada had long been a natural resources and energy exporting country. I believe through the early 2010s, the Canadian dollar was hovering around par versus the US dollar, and at times would go slightly above par.