FX.co ★ Trading tips for EUR/CAD. Price broke through the 2020 low

EUR/CAD broke through the 2020 low after falling by 17,000 pips.

This is the result of the strategy present yesterday, which was to place buy limits below 1.42700.

As said in the article, 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!