What is the difference between hedging and investing? Between investing and speculating?

I will need to exchange a large number of Canadian dollars for US dollars in 18 months. Discuss the various ways I could achieve this and discuss the risks involved with each method. Be sure to consider (at a minimum) forwards, futures, options, and Exchange Traded Funds (ETFs).

With most financial asset trades, there is a clear winner and a clear loser (even when the main purpose of the transaction is for risk reduction or hedging). Swaps are fairly unique as it is possible for all parties to the transactions to be financially better off. Explain how this is possible?