A direct quote is a foreign exchange rate quoted as the domestic currency per unit of the foreign currency. In other words, it involves a quote in fixed units of foreign currency against variable amounts of the domestic currency. As of June 2016, a direct quote of the U.S. dollar against the Canadian dollar in the United States would be U.S. $0.7858 = C $1 while in Canada, a direct quote for would be C $1.2725 = U.S. $1.
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