FX.co ★ Trading idea for NZD/CAD

NZD / CAD has lost 6,000 pips and is currently trading near yearly lows.

Considering this, bullish traders could build up limit orders below 0.860-0.855 in order to provoke a strong rebound.

Breaking through 0.86 means that the pair has dropped by 7,000 pips. As soon as the decrease hits 8,000, NZD / CAD will inevitably bounce back. In this case, traders should set up buy orders every 500 pips, with a volume of no more than 0.01 standard lot for each $ 1000 deposit. Such will most likely lead to a movement of around 3,000 pips.

This idea follows the "Grid Trading" strategy.

Good luck!