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?

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Days Forward Period spot 1 month 2 months 3 months 6 months 12 months 30 60 90 180 360 CSleuro 1.3360 1.3368 1.3376 1.3382 1.3406 1.3462 USS/euro 1.3221 1.3230 1.3228 1.3224 1.3215 1.3194