Once again, AUD/CAD updated the yearly low, trading 800 pips below it. This creates an opportunity for traders to impose a new set of buy limits in the pair.
So, starting from the current prices, buy limit orders could be set up in an increment of 500 pips. Take profit on a breakdown, 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 monitoring price movements.
Good luck and have a nice day! Don't forget to control the risks!
