A U.S. company has purchased C$500,000 worth of products from a Canadian company and will not need to pay until March next year. Today a March Canadian dollar futures contract (C$100,000 per contract) is available at $0.8010/C$. To hedge the exchange rate risk, the company should take a position in case the Canadian dollar long; depreciates against the dollar short: depreciates against the dollar long; appreciates against the dollar short: appreciates against the dollar