AUD/CAD has been declining since early last year. It lost as much as 10,000 pips, and today hit another record, breaking through the low last December.
This opens an opportunity to place a grid of buy limits in the market.
So, starting from the current prices (0.89500), place a grid of buy limits in an increment of 500-1,000 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.
If you already have a position in NZD/CAD but plan to make another in AUD/CAD, we recommend dividing the volumes between them.
Good luck and have a nice day!
