The market is currently quoting a spot rate of US $ $0\mathrm{.}6400/$ Canadian $ and a three$-$ month forward rate of US $ $0\mathrm{.}6900$ Canadian $$.$ However, the speculator anticipates this rate to be US $ $0\mathrm{.}6600/$Canadian $ within $3$ months.

What speculation would be undertaken on the spot market? What speculation would be undertaken on the forward market?