Yes, but No! Yes the higher the density of the soil the higher the load bearing capacity, but this is of little or no use to the engineer or the contractor placing and compacting the soil. Since the California Bearing Ratio (CBR) is determined by testing specimens produced by a standard or modified proctor of soil samples that are to be used or have been used for construction, once it is determined that the bearing criteria is met there is no need for further compactive effort beyond the specified percent of maximum density.

There may be some municipalities that allow for in situ CBR testing. In that case the contractor could continue compaction of the soil until the required bearing ratio is achieved. I am not directly aware of this procedure.

To further answer your question; if you know the CBR value and standard value you can use this formula to determine actual or tested load bearing capacity.

CBR% = P/P_std. X 100

Where:

P = load determined by penetrometer (CBR) test

P_std. = load bearing capacity of standard material