Instrument with arrows pointing north (5)

I believe the answer is:

strad

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'instrument' is the definition.
(I've seen this before)

I don't understand how the rest of the clue works.

(Other definitions for strad that I've seen before include "fiddle exposed" , "Old, very expensive violin (abbr)" , "musical instrument" , "Famous violin" , "Valuable violin (colloq.)" .)

I've seen this clue in The Guardian.

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