is there a limit on how many possibilities you can have in
an if statement.

i'm trying to write a statement like this.

=IF(P2="AUDCAD","AS",IF(P2="EURJPY","EJ",IF
(P2="EURGBP","GB",IF(P2="EURAUD","RA",IF
(P2="EURCHF","RZ",IF(P2="GBPJPY","SY",IF
(P2="AUDUSD","AD",IF(P2="GBPUSD","BP","")))))))

and this works fine, but when i try to add more if's i get
an this formula contains and error messege. for example if
i add one more case at the end for "CADUSD", i get an
error, but it works fine up to "GBPUSD"

=IF(P2="AUDCAD","AS",IF(P2="EURJPY","EJ",IF
(P2="EURGBP","GB",IF(P2="EURAUD","RA",IF
(P2="EURCHF","RZ",IF(P2="GBPJPY","SY",IF
(P2="AUDUSD","AD",IF(P2="GBPUSD","BP",IF
(P2="CADUSD","C1","")))))))))