On July 1, 2019, North Inc, based in Alberta, ordered merchandise from an American supplier for US$600,000. Delivery was scheduled for the month of October, with payment to be made in full on November 15, 2019 Once the order was placed, North entered into a forward contract with its bank to purchase US$600,000 on the settlement date at the forward rate of CON$1,3625. The forward contract was designated as a cash flow hedge of the cash flow required to settle with the American supplier The merchandise was received on October 1, 2019, when the spot rate was US$1 CONS13575. On October 31, the company's year end, the spot rate was $13690. North purchased the US dollars to pay its supplier on November 15, 2019 when the spot rate was CDN$1.3725. The forward rate to November 15, 2019, was CON$1365 on October 1 and CON$137 on October 31 A summary of the significant dates and exchange rates pertaining to this transaction are as follows Spot Roted US$1 CDN13445 Forward Rates US$1 CON$1 3625 July 1, 2019 (Order date and hedge date) October 1, 2019 (Delivery date) October 31, 2019 (Year end) November 15, 2019 (Settlement US$1 CONS13575 CONS130% US$1 CON$13725 US$1 CDN51365 CDNS137 US$1 CON$13725 What is the amount of North's recognized exchange gain or loss arising from this transaction included in its financial statements as at October 31, 2019? Multiple Choice CDN$3,900 loss CON$3,900 gain CON$3.000 gain