What are the two main types of exchange rate systems? Currently, which type of system determines the

Question:

What are the two main types of systems? Currently, which type of system determines the values of the Canadian dollar and major currencies, such as the US dollar, yen, pound, and euro?
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...