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What Is FOREX (Foreign Exchange Rate)?

FOREX (also known as FX rate, Foreign Exchange rate, or Agio), is the rate at which one currency is exchanged for another.

It is also known as the worth of one country's currency in terms of the foreign exchange rates of another country's currency.

This rate is determined by local demand for foreign currencies and local supply, as well as the country's trade balance, economic strength, and other factors.

An exchange rate is the cost of converting one currency into another.

Because currencies are actively traded, exchange rates fluctuate throughout the week. This causes the price to fluctuate, just like other assets like gold or equities.

If the USD/CAD exchange rate is 1.25, it means that 1 US dollar costs 1.25 Canadian dollars.

The exchange rate shows how much of the second currency (CAD) is required to buy one unit of the first currency (USD).

This rate indicates how much one Canadian dollar costs to buy one US dollar.

Use the following formula to calculate how much one Canadian dollar costs in US dollars:

1/rate of exchange = 1 / 1.25 = 0.8 in this case.

Meaning, one Canadian dollar costs 0.8 US dollars.

The CAD/USD pair would represent this price; note how the currencies' positions have shifted.

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