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Could be a radio or field telephone cover as they came in differing sizes and dimensions depending on the piece of equipment. US field gear isn't really my bag (pardon the pun) but I've seen similar things in the past. Hopefully someone more knowledgeable can weigh in.
It looks like the same 'D' Rings from WWII Parachute harness gear or like a gunners strap or something?
Looks like the lever cinches up on something, and 'Made in Canada' on it.
Speculating what it could be, it's soaked in grease, so possibly automotive or it's chainsaw oil because it's some kind of tree-climbers rigging? The material looks like it could have been yellow at one point.