Which statement best describes a forward exchange contract?

A$)$ An agreement between the bank and customer to exchange currencies on a specified future date at a specified rate that is agreed upon today.

B$)$ A contract between two parties that is settled with foreign currency at the current market rate.

C$)$ An agreement between the bank and customer to exchange currencies on a specified future date at the spot rate is in effect at that time.

D$)$ An agreement to settle a foreign currency denominated receivable or payable on a specified date at the current market rate.