I think this feels "new" to Americans because it's on our border, and because Canada looks more like the US and is assumed to be more stable and less prone to authoritarian emergency measures than e.g. Venezuela or Argentina. But similarly extreme and extra-judicial banking controls have been implemented by other governments in the hemisphere when authoritarian left-wing parties in power feel threatened by right-wing populist movements they believe are at least partly sponsored by America.
Why? Canada already has a strong conservative movement, and NAFTA makes it damn easy for US-based companies to do as they please.
This reeks of the same forces that got Trump elected. Which would be a mix of billionaires, Russian money, and anyone who has an axe to grind against Canada, e.g. China (for the Huawei, et al, conflicts).
It's difficult to understand where the legit events ends and the outside influence begins. That's not a conspiracy theory. It's simply how these things work, with so many chef's in the kitchen (and that in general, the media can't be trusted).
It's complicated.
That feels accurate. The next question then becomes, how will that play and/or be exploited in the USA, it's neighbor.
Let's, for a moment, presume there are entities within the USA that would welcome the opportunity. Now back to Canada...how much outside (i.e., USA based) influence is being exerted on the situation in Canada to tilt things towards the authoritarian?
This isn't a conspiracy theory. It's a simple extrapolation of history. Let's not be naive.