Exchange rate quotations refer to the value of one currency in terms of another currency. There are two types of exchange rate quotations: direct and indirect.

Direct quotation: A direct quotation is the value of one unit of a foreign currency in terms of the domestic currency. For example, if the direct quotation for the USD/CAD pair is 1.30, it means that one US dollar can be exchanged for 1.30 Canadian dollars.

Indirect quotation: An indirect quotation is the value of one unit of the domestic currency in terms of a foreign currency. For example, if the indirect quotation for the USD/CAD pair is 0.77, it means that one Canadian dollar can be exchanged for 0.77 US dollars.

Exchange rates are typically quoted in pairs, with the base currency being the first currency listed and the quote currency being the second currency listed. For example, in the USD/CAD pair, the base currency is the US dollar and the quote currency is the Canadian dollar.

Exchange rates are constantly fluctuating due to various factors such as economic indicators, political events, and market sentiment. It is important to keep track of exchange rates when conducting international transactions or investing in foreign currencies.