The quote currency, commonly known as “counter currency,” is the second currency in both a direct and indirect currency pair and is used to value the base currency. In a direct quote, the quote currency is the foreign currency, while in an indirect quote, the quote currency is the domestic currency.
In the USD/CAD, the USD is a base currency while the CAD is the quote currency. If the USD/CAD is quoted at $1.3300, this means that one has to pay 1.3300 Canadian dollars to purchase one U.S. Dollar.
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