what about cross currency rates which express the price of one currency in terms of a currency other than the u s dollar a trader or investors should first ascertain which type of quotation is being used direct or indirect to price the cross rate accurately 
for example if usd jpy is quoted at 100 and usd cad is quoted at 1 2700 what is the quotation of cad jpy from both the canadian and japanese perspectives cad jpy conventional quote usd jpy usd cadso if domestic currency is cad then1 cad indirect 100 1 2700 78 74 jpyandif domestic currency is jpy thenso 1 jpy indirect 1 2700 100 0 0127 cad