FX.co ★ Trading tips for EUR/CAD

EUR/CAD has lost roughly 18,000 pips over the past 1.5 years and is currently in accumulation near the last year's low - 1.42700.

This means that the quote could bounce back after the breakdown of 1.42700.

As presented in the chart, EUR/CAD will move up by setting a grid of buy limits from 1.42700 and below, with an increment of 500 pips. Take profit on the breakdown of 1.42700, or at 1 pip above 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, it is recommended to use 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!