GBP/CAD has been dipping since the end of last year. It lost as much as 7,000 pips, and is currently approaching the 2020 low. This situation opens an opportunity for traders to place a grid of buy limits in the pair.
So, after the breakdown of 1.65400, place a grid of buy limits in an increment of 50-100 pips. Take profit on a breakout, either at 1 pip above the first order or after a 100 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!
