AUD/CAD saw small pullbacks since the beginning of the year, losing around 7,500 pips. It currently trades around a new yearly low, which opens the opportunity to set limit orders in the pair.
Place a grid of buy limits after the breakout of 0.878. The increment should be at least 500 pips. Then, after accumulating long positions, take profit upon a breakdown or after a movement from the first order.
This method 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 that could be as much as 6,000 pips.
Good luck in trading and don't forget to control the risks! Have a nice day.
