Rethink the entire window treatment when you can afford to replace the rod and curtains. Cornices and valances are both quite a dated look right now. I'm more distracted by the wood piece than by the rod. If that's a sample of the trim throughout the home, you'd be better off budgeting for painting trim right away.

Yes, unfortunately the trim is EVERYWHERE. thank you!

What would it look like if you lowered the rod so that it is over the trim? As is, it does make the trim more noticeable.

I would go from ceiling to floor with curtains and black rod.

It would probably be cheaper to update the rod than to cover it with a cornice or a valance, which as deco mentions aren't very popular at the moment. Ikea and AmazonBasics have decent quality, inexpensive rods; the Amazon ones go up to 144" wide,

https://www.amazon.com/AmazonBasics-Curtain-Round-Finials-Black/dp/B01N1O0KHU

https://www.ikea.com/ca/en/search/products/?q=racka%20curtain%20rod

Thank you all for your advice!

I would paint the trim on this window the same color as the wall. It will disappear and no one will notice it's not trimmed the same as the rest of the house. If there are other windows in close proximity, I wouldn't paint it unless I did the rest. I don't think you have to do the whole house, if you just do the window trim.