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Forex Analysis:::2022-01-19T09:02:03

Trading tips for EUR/CAD

Trading tips for EUR/CAD

EUR/CAD has been declining since the middle of last year. It lost as much as 18,000 pips, and yesterday hit another record low in response to high oil prices.

This opens an opportunity to place a grid of buy limits in the market.

Trading tips for EUR/CAD

So, starting from 1.41644, place a grid of buy limits in an increment of 300-500 pips. Take profit after a breakout, either at 1 pip above the first order or after a 1,000 pip rise.

This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $ 1000 of the deposit) and monitor price movements.

Good luck and have a nice day!

Analyst InstaForex
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