FX.co ★ Trading idea for the AUD/CAD pair

Over the past 3 months, AUD / CAD has moved by as much as 6,000 pips, almost reaching 0.92500.

Considering this, traders can set up new buy limits, following these instructions below:

For cross-rates such as AUD/CAD, grid trading is the best strategy. It is the act of placing limit orders after observing strong movements in the market (as high as 5,000-8,000 pips). It should be preceded by a breakout of important resistance levels, which, in this case, is 0.92500.

Hence, from the current prices, set up buy limits every 500-1,000 pips. Then, take profit above the opening price of the first transaction (in this case, 0.92500).

Good luck and have a nice trading day!