During the months ended the Company entered into forward foreign exchange contracts to reduce its exposure to foreign exchange currency rate fluctuations related to forecasted Mexican peso expenditures. These contracts were effective as hedges from an economic perspective, but do meet the requirements for hedge accounting under ASC Topic “Derivatives and Hedging”. Accordingly, changes in the fair value of these contracts were recognized into net income in the consolidated statement of operations and comprehensive income. The Company had outstanding forward foreign exchange contracts in the quarter of

 

The following table presents a summary of the outstanding foreign currency forward contracts as at

 

Currency	Buy/Sell	Foreign Currency Amount		Notional Contract Value in USD
Mexican Peso	Buy	88,000 MXN		$	4,206

 

 

The unrealized loss recognized in earnings as a result of revaluing the instruments to fair value on was ( ) which was included in cost of sales in the interim consolidated statement of operations and comprehensive income. Fair value is determined using the market approach with valuation based on market observables (Level quantitative inputs in the hierarchy set forth under ASC “Fair Value Measurements”).

 

The average contract and mark-to-market rates for outstanding forward foreign exchange contracts were as follows;

 

		March 29 , 20 20				December   29 , 201 9
Average USD:CAD contract rate			N/A				N/A
Average USD:CAD mark-to-market rate			N/A				N/A
Average USD:PESO contract rate			20.92				N/A
Average USD:PESO mark-to-market rate			23.82				N/A

 

The derivative liability was ( ) which reflected the fair market value of the unsettled forward foreign exchange contracts. There were derivative assets as at or