You are the Chief Financial Officer for your import company. You are concerned that the Canadian dollar might fall against the U.S. dollar in the next quarter. You are considering entering into a currency forward contract to purchase 750,000 USD at a rate of 1.0114 CAD/USD. If the spot exchange rate next quarter ends up being 1.0346 CAD/USD, what is your gain or loss from electing to enter the contract?

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