Canadian Dollar (CME )-C$100,000; $ per C$ Contract Month Open High Low Settle Change Open Interest December, 2017 .9667 .9681 .9631 .9660 -.0001 156,097 March, 2018 .9650 .9658 .9611 .9639 -.0001 13,965

36. What is the face value of the open interest in the March 2018 futures contract? a. $ 15,609,700,000 b. C$ 1,346,086,350 c. $ 1,396,500,000 d. C$ 1,396,500,000

37. You have hedged using a short position in one December contract. The contract will be settled today. You locked in a futures price of .9605 one month ago. What are your net proceeds from

hedging with this futures contract compared to an unhedged position given the realized settlement spot price? a. $ 550 b. C$ 550 c. C$ -550 d. $ -550

The below questions are not a part of the previous information: 38. You have two long positions in a 121 Nov Euro European call contract. It has a call premium of 1.76 and a terminal spot price of 119. (All pricing is stated in US cents per euro cents, and one euro contract is for 10,000). Would you exercise your option? a. Yes, because you would have a net terminal gain of $ 48. b. Yes, because you would have a net terminal gain of $ 176. c. No, because you would have a net terminal loss of $ 352. d. No, because you would have a net terminal loss of 352.

39. You have three long positions in a 121 Nov Euro European call contract. It has a call premium of 1.76 and a terminal spot price of 124. (All pricing is stated in US cents per euro cents, and one euro contract is for 10,000). Would you exercise your option? a. Yes, because you would have a net terminal gain of $124. b. Yes, because you would have a net terminal gain of $372. c. No, because you would have a net terminal loss of $176. d. No, because you would have a net terminal loss of 372.

40. In a currency war, when a country experiences a currency depreciation it gives them : a. A competitive advantage b. A competitive disadvantage c. An advantage making imports cheaper for domestic consumers d. A disadvantage making domestic exports less competitive