NZD/CAD has been declining for a year. It already lost as much as 10,000 pips and is around the lower limit of the range. Today, it finally broke through the yearly low, which, in the framework of grid trading, calls for a grid of buy limits.
So, after the breakdown of 0.83400, traders should set up a grid of buy limits in an increment of 500 pips. Take profit on 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!