Chris,
According to a very good Canadian collector friend of mine, Ron Vender, he believes that this is a patch from the Summer 1924 Olympics- either a team member, or a souvenir patch that was quite possibly on a sweater.
He believes he has seen it in a picture before, FYI
I hope this helps...
BTW, you can read about Ron Vender's amazing Howie Morenz collection in this recent Sports Collector's daily article:
http://www.sportscollectorsdaily.com...ector-website/
Ron was formerly one of the top advanced Nolan Ryan collectors and I've known him for about 20 years.