AUD/CAD has been declining for the past couple of months. It lost as much as 6,000 pips and is now trading near the yearly low of 0.89. This scenario opens an opportunity for traders to set up buy limits in the market.
After the breakdown of 0.89, traders could place a set of buy limits every 300 - 500 pips. in 5 digits. Take profit on a breakout, either at 1 pip above the first order or after a 1,000 pip rise. 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 increasing the volumes in the grid (0.01 standard lot for every $ 1,000 of the deposit) and monitor price movements.
Good luck and have a nice day!