We're taking a vacation in June.

Does 'vacation' mean one holiday or a period of holidays or both?

By one holiday, do you mean one-day holiday? I think vacation here just means holiday so it could be of any length of time, we just couldn't tell how long from that sentence alone.
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Thanks, Orpheus and Anon.
I misunderstood it as that 'holiday' always means 'one-day holiday', but now it's clear. Emotion: big smile
Orpheus! It's so nice to see you! It's been ages.
I believe that this use of "vacation" is a US use. You can have a mini-vacation of just a couple days or a nice long vacation of a few weeks.
Hi Barb, it's good to see you as well. I come here from time to time actually; I just don't have much to add to your, and the other gurus', already great contributions Emotion: smile
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Hi LiJ

As Barbara said 'vacation' is AmE; 'holiday' is BrE.
Thanks, YL.
To me, 'holiday' sounds a bit more formal than 'vacation', but that might not be true.