Example taken from the below source:

http://www.investopedia.com/terms/c/currencyforward.asp

How does a currency forward work as a hedging mechanism? Assume a Canadian export company is selling US$1 million worth of goods to a U.S. company and expects to receive the export proceeds a year from now. The exporter is concerned that the Canadian dollar may have strengthened from its current rate (of 1.0500) a year from now, which means that it would receive fewer Canadian dollars per US dollar. The Canadian exporter therefore enters into a forward contract to sell $1 million a year from now at the forward rate of US$1 = C$1.0655. If a year from now, the spot rate is US$1 = C$1.0300 – which means that the C$ has appreciated as the exporter had anticipated – by locking in the forward rate, the exporter has benefited to the tune of C$35,500 (by selling the US$1 million at C$1.0655, rather than at the spot rate of C$1.0300). On the other hand, if the spot rate a year from now is C$1.0800 (i.e. the C$ weakened contrary to the exporter’s expectations), the exporter has a notional loss of C$14,500.

Solution I have worked:

F_{0} = C$1.0655

And F_{t} is not given, F_{t} is assumed as C$1.0300.

The gain of C$35,500 is calculated by applying in the formulae

The above is short on the forward contract as he has to deliver the USD and receive the CAD

=-(F_{t}-F_{0})*NP

=-(1.0655-1.03)*1m = C$35,500

Can anyone please confirm that if F_{t }is not given then we can substitute the value for F_{t }with S_{t}

_{Thank you}