Here are direct spot and forward markets quotes for CAD over three points in time now (1/1/XX), one month later (2/1/XX), three months later (4/1/XX), and six months later (7/1/XX). CAD Spot 1 Month Forward 3 Month Forward 6 Month Forward 1/1/XX 1.0165 1.0317 1.0472 1.0629 2/1/XX 1.0833 1.0995 1.116 1.1327 4/1/XX 1.0263 1.0417 1.0573 1.0732 7/1/XX 1.0895 1.1058 1.1224 1.1392 On 1/1/XX, IBM bought a 1 month forward contract of CAD 5,000,000 from Bank One. Based on this transaction: IBM will pay USD 5.158,500 to Bank One in 1 month and will receive CAD 5,000,000 from Bank One in 1 month IBM will pay USD 5,497.500 to Bank One in 1 month, and will receive CAD 5,000,000 from Bank One in 1 month IBM will pay CAD 5,000,000 to Bank One in 1 month, and will receive USD 5,497,500 from Bank One in 1 month IBM will pay USD 5,158,500 to Bank One now, and will receive CAD 5,000,000 from Bank One in 1 month