FX.co ★ Trading idea for AUD/CAD

AUD / CAD recently broke through 0.92500, which is the record high last year. It lost a total of 8,000 pips without any rebound, which means that it is only a matter of time before the pair bounces back in price.

Considering this, bullish traders could build up buy limits in order to provoke a strong pull back in the market.

This can be done by putting buy orders every 500 pips, starting from the current prices downwards. The volume must be no more than 0.01 standard lot for each $ 1000 deposit.

Doing this could lead to a movement of as much as 5,000 pips. Then, take profit as soon as the pair reaches the mirror level presented above.

Good luck!

(The strategy used here is called "Grid Trading")