March 5 2009 10:30 PM Est.
Casey Stubbs– Winners Edge Trading
The Usd/Cad has been challenging the 1.3000 resistance level for the 4th time in the past few months. Reading chart patterns is great way to find trade entry points. The quadruple top chart pattern indicates that there will be losses coming if the resistance level is not broken.
Also, the more times a resistance or support level is challenged the stronger it becomes. This 1.3000 level is a major resistance of technical and mental levels. Watch that level closely if there is a bounce off of this level then look to enter short.
The target level if this resistance is 1.4000 and the target if the bounces look for a short term target of 1.2500.
Winner’s Edge Trading, as seen on: