US interest rates are 3 percent, while Canadian interest rates are 4 percent. If the international Fisher effect holds and is used to determine the future spot rate, the forecast would reflect an expectation of:

a. appreciation of the Canadian dollar's value over the next year

b. depreciation of the Canadian dollar's value over the next year

c. no change in the Canadian dollar's value over the next year

d. none of the options listed

e. not enough information to answer this question