3. Closing out a futures position Suppose that you are a finance manager at a U.S. based MNC. On January 1st, you anticipate you will need to purchase C $320,000,00 (Canadlan dollars) worth of supolies from a Canadian supplier in March usino Canadian dollars (CS). The current spot rate for the Canadian dollar is $0.54. In order to lock in spot rate for this exchange, you purchase a futures contract specifying C\$320,000,00 at \$0,54 per Canacian dollar with a March 1 oth settiement date. On the settiement date, your Mvic will need to pay (U,S, dotars) for the C 3320,000,00