A foreign exchange rate quoted as the domestic currency per unit of the foreign currency. In other words, it involves quoting in fixed units of foreign currency against variable amounts of the domestic currency. 



|||For example, in the U.S., a direct quote for the Canadian dollar would be US$0.85  = C$1. Conversely, in Canada, a direct quote for U.S. dollars would be C$1.17 = US$1.