Assume you believe the Canadian dollar (C$) will appreciate versus the U.S. dollar over the coming 90 days. The current spot rate is $0.6350/C$, and you may choose between the following options on the Canadian dollar:

Option Strike Price Premium

Put $0.60/C$ $0.0007/C$

Call $0.60/C$ $0.0429/C$

Should you buy a put or a call? Assume that you invest $250,000 in your chosen strategy (put or call). What is the appropriate breakeven price, as well as the gross and net profit if the spot rate in 90 days is $0.6600/C$?