I have an embroidered Pegasus patch that I have always considered suspiciously.
Canadian Front.jpg Canadian Rear.jpg
However, it looks relatively close to two examples presented in Ken Joyce's book. They are described as Canadian-manufactured patches with the embroidery sewn through a black cotton backing material. Ken indicates that these badges could have been made around the summer of 1945 by companies like Stanley A. Grant or H.P. Ritchie Co. based in Toronto.
A similar patch can be found on this excellent website
https://1stcanparamuseum.com/media-g.../badge-archive
I'd value any opinion on this badge not being too familiar with Canadian badges (my main focus is on British Airborne).