Since the EUR/CAD pair has progressed by 17,000 pips since August, now may be an opportune moment to establish fresh sell limits as it nears its peak from last year.
An image of analytics is depicted in the picture, which may be used to observe markets. It can be seen as a tool to understand the trends and movements in the financial sector.
Once the 1.4642 mark has been breached, a series of sell orders at intervals of 1,000 pips should be put in place. The market should be exited when 1.1642 has been broken through or after a 2,000-pip increase from the original order is achieved.
This trading approach is known as grid trading and is mostly applied to cross rates. It requires maintaining positions which are both long-term and wide-ranging. Therefore, it’s suggested to employ swap-free accounts, not amplifying the volumes in the grid (0.01 standard lot per $1,000 of the deposit), and keeping a close eye on the cost movements, which can reach as high as 12,000 pips.
Wishing you the best of luck! Have a pleasant day. Remember to take the necessary precautions.