A Canadian importer has ordered $1,000,000 US worth of software to be delivered in six months. The current spot exchange rate is $1.50 CAN = $1.00 US. However, the importer fears that the Canadian dollar will depreciate to $1.55 CAN = $1.00 US in the next 6 months. As a result, the importer purchases $1,000,000 US at today’s prevailing six-month forward rate of $1.52 CAN = $1.00 US. What is the savings to the importer from his dealings in the forward market?