When the Foreign Exchange Market Opens in the U

When the foreign exchange market opens in the U.S. each morning, the opening exchange rate quotations will be based on the:

A) closing prices in the U.S. during the previous day.
B) closing prices in Canada during the previous day.
C) prevailing prices in locations where the foreign exchange markets have been open.
D) officially set by central banks before the U.S. market opens.