# Problem 5.5  vancouver exports           a canadian exporter, canuck

Problem 5.5  Vancouver Exports                       A Canadian exporter, Canuck Exports, will be receiving six payments of €12,000, ranging from now to 12 months in the future. Since the company keeps cash balances in both Canadian dollars and U.S. dollars, it can choose which currency to change the euros to at the end of the various periods. Which currency appears to offer the better rates in the forward market?                           Days                 Period   Forward   C\$/euro   US\$/euro         spot       1.3360   1.3221         1 month   30   1.3368   1.3230         2 months   60   1.3376   1.3228         3 months   90   1.3382   1.3224         6  months   180   1.3406   1.3215         12 months   360   1.3462   1.3194                                   Days       Forward  Premium   C\$ Proceeds of   Difference Period   Forward   C\$/euro   on the C\$/euro   € 12,000.00   Over Spot spot                     1.3360                                 1 month   30                 1.3368   0.722%         2 months   60                 1.3376   0.705%         3 months   90                 1.3382   0.659%         6  months   180                 1.3406   0.693%         12 months   360                 1.3462   0.765%                                                         Days       Forward  Premium   US\$ Proceeds of   Difference Period   Forward   US\$/euro   on the US\$/euro   € 12,000.00   Over Spot spot                     1.3221             1 month   30                 1.3230   0.817%         2 months   60                 1.3228   0.318%         3 months   90                 1.3224   0.091%         6  months   180                 1.3215   -0.091%         12 months   360                 1.3194   -0.204%                               Please type your answer/comments here.

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