New speckle measurements with the 6 m telescope of the Special Astrophysical Observatory ( Russia) and the first preliminary orbit of the nearby flare star CR Dra (= G1 616.2; WDS 16171+ 5516; BLA 3) with a period of 4.04 yr and a semimajor axis of 0''.148 are reported. The Hipparcos parallax of 48.36 +/- 1.16 mas (distance 20.7 pc) leads to an unusually large total mass of 1.8M(circle dot) for a couple of red dwarfs. Meanwhile, the application of the Baize-Romani algorithm resulted in a mass sum of 1.00M(circle dot) and a dynamical parallax of 58.43 mas (17.4 pc), which sensibly differs from that of Hipparcos. For the first time, we measured the photometric magnitude difference between the components (1.8 mag and 1.4 mag in the V and R bands, respectively) and obtained individual brightness estimates for each of them. Independently of the adopted parallax type, standard mass-luminosity relationships applied to individual components yield a total mass less than 1.2M(circle dot). This lends support to the use of a dynamical parallax, which is a more reliable distance estimate until a third body is discovered and/or our reported preliminary orbit is sensibly changed. CR Dra belongs to a handful of resolved short-period flare binaries, representing an excellent target to calculate a very accurate (or even definitive) orbit and a dynamical mass on a short time span. The available photometric data reveal no plausible correlation between flaring activity of CR Dra and linear distance between the components on the orbital path. Follow-up observations are needed for more detailed study of a possible relationship between dynamical and astrophysical properties of CR Dra and other similar systems.