Good afternoon traders! A trading idea for the CAD/JPY pair.
The global financial crisis pulled the rates of all currency pairs down, but the CAD/JPY pair is the instrument which has recovered less than all cross-rates, the reason of which is the weakness of the Canadian dollar amid the collapse of oil prices. But the growth potential is large, including and due to the gradual recovery of oil quotes. Thus, I suggest rallying the pair according to this scheme:
The idea is to set a grid of long orders with a step of 30-100p in 4 digits, and then hold profitable positions to the nearest technical level in the area of 78.5.
The method involves calculating the volume of each transaction relative to the deposit with reference to the grid step. We recommend using the trader's calculator, not the increase in volume, when opening new positions.
You can start from the current prices.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com