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10.10.202211:44 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.

Exchange Rates 10.10.2022 analysis

Once again, AUD/CAD updated the yearly low, trading 800 pips below it. This creates an opportunity for traders to impose a new set of buy limits in the pair.

Exchange Rates 10.10.2022 analysis

So, starting from the current prices, buy limit orders could be set up in an increment of 500 pips. Take profit on a breakdown, either at 1 pip above the first order or after a 1,000 pip movement.

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 monitoring price movements.

Good luck and have a nice day! Don't forget to control the risks!

Andrey Shevchenko
Analytical expert of InstaForex
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