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17.11.202111:56 Forex Analysis & Reviews: Trading tips for AUD/CAD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/CAD has lost around 9,000 pips over the past year and is currently trading at the lows of October and this year - 0.91.

Traders can provoke a false breakout by doing this strategy:

Exchange Rates 17.11.2021 analysis

As presented in the chart, a false breakout could occur if we place buy limits from 0.91 and below, with an increment of 500 pips. Take profit on the breakout of 0.91, 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!

Andrey Shevchenko
Analytical expert of InstaForex
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