I have little doubt it's wool and the tradition of hand weaving Arrow (Assomption) Sashes in many parts of Canada to this day gives it a equal chance that it's not machine/loom woven but finger woven.I got this arrow sash yesterday it's 6"x 9' I'm pretty sure it's wool but I'm not sure if it was finger woven or machine made but it's nice either way.
I watch a video of an older Canadian lady that was finger weaving one that looked very much like this one. As she was weaving she explained the process and the different patterns that were used in Canada.My vote is that it is wool and it is finger woven. If you look at the end where your knots are, you see the threads coming in to that point on an angle, that is indicitave of finger weaving. You dont see the angle like that on an inkle or other type of loom.
Very nice piece.