Pretty sure it is Spanish.
I think Steve is correct.
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100 % is not Spanish!
I think it is Belgian (they used a similar pattern). Some CTV Italians in Spain were issued a cap resembling that one, but I've never seen a good example.
Spanish caps always lack the cloth band under the soutache.
Furthermore cavalry colours in Spanish caps were either sky (sometimes medium) blue or double soutache white and sky blue (the arm of service color for cavalry).
Should you like, I can post a real Spanish cavalry forage cap... much different in colour and shape, other than it does not have earflaps and has a tassel also.