AUD/CAD has been declining since January last year. It lost more than 11,000 pips, and now is on the verge of reaching a new yearly low. This situation opens the opportunity foir traders to place buy limits in the market.
So, after the breakdown of 0.88800, 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 movement.
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 $ 1,000 of the deposit) and monitor price movements.
Good luck and have a nice day!
