STEP: 1 of 3 Suppose that you are a currency speculator, based in the U.S., attempting to capitalize on a possible depreciation of the Canadian dollar (CS). Oh January 1st, the spot rate for the Canadian dollar is $0.48. This is also the price at which futures contracts for Canadian dollars are being sold. You have C$330,000.00 to use on these positions. On January 1st, you sell a futures contract specifying C$330,000.00 at $0.48 per Canadian dollar with a March 10th settlement date. On the settlement date, you will $158,400.00 V (U.S. dollars) in exchange for the C$330,000.00 Points: Suppose that you are a currency speculator, based in the U.S., attempting to capitalize on a possible depreciation of the Canadian dollar (CS), on January 1st, the spot rate for the Canadian dollar is $0.48. This is also the price at which futures contracts for Canadian dollars are being sold. You have C$330,000.00 to use on these positions. Suppose that on February 10th, the Canadian dollar depreciates (as you speculated) to $0.41 in the spot market. In order to purchase C$330,000.00 in spot market, you will need $135,300.00 (U.S. dollars) for the exchange. Points: 1/1 STEP: 3 of 3 Suppose that you are a currency speculator, based in the U.S., attempting to capitalize on a possible depreciation of the Canadian dollar (C$). On January 1st, the spot rate for the Canadian dollar is $0.48. This is also the price at which futures contracts for Canadian dollars are being sold. You have $330,000.00 to use on these positions. In the previous parts of this question, your sold a futures contract for Canadian dollars that will let you receive $158,400.00 for (C$330,000.00) on March 10th. When the Canadian dollar depreciated to $0.41 you purchased C$330,000.00 for $135,300.00 on February 10th In total, after the futures contract you sold settles, you will have from these positions totalling S TOTAL SCORE: 2/3 incurred a loss accrued a gain