On March 15, 2018, an American firm decided to close out its account at a Canadian bank on June 15, 2018. The firm is expected to have $10 million Canadian dollars in the account at the time of the withdrawal. It would convert the funds to U.S. dollars and transfer them to a New York bank. The relevant spot foreign exchange rate was $0.7736. The June Canadian dollar futures contract was priced at $0.7717. Determine the outcome of a futures hedge if on June 15, 2018 the spot rate was $0.7536 and the futures rate was $0.7550. All prices are in U.S. dollars per Canadian dollar. The Canadian dollar futures contract covers CD100,000