AUD rose after Australia's inflation data came out during the Asian session today. AUD/CAD, in particular, hit last year's high, which is 0.9514, and is currently putting pressure on it. The pair is also up 9,000 pips since last fall.
This suggests that after the breakdown of 0.9514, traders should place a grid of buy limits in increments of 500 pips. Exit the market upon the breakdown of 0.9514, or after a 1,000-pip rise from the first order.
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 that reason, it is recommended to use 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, which could reach as much as 6,000 pips.
Good luck and have a nice day! Don't forget to control the risks.
