Breakout In WTI Crude Brings Fibonacci Buy Into Play For The USD

FX:USDCAD   U.S. Dollar / Canadian Dollar
The recent bullish action in WTI crude oil futures has brought new optimism to the Canadian dollar . The result may be a long trade setup from the 38% Fibonacci retracement of the current wave on the daily chart .

Here is the plan:

1) Entry: Buy 1.3226
2) Stop Loss: 1.3194
3) Profit Target: 1.3258
4) Risk vs Reward Ratio: 1/1

If we continue to see August WTI run toward $75.00, then this Fibonacci buy may come into play.


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