FX.co ★ Trading tips for AUD/CAD

AUD/CAD rose and hit a new all-time high after falling by 9,000 pips.

This opens an opportunity to set up buy limits in the pair.

We recommend that starting from the current price and below, place a grid of buy limits, with an increment of about 300-500 pips. Take profit after a breakout, or at 1 pip above the first order. You can also do it 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 this reason, we recommend using swap-free accounts, not increase the volumes in the grid (0.01 standard lot for every $ 1000 of the deposit) and monitor price movements.

Good luck and have a nice day!