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

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Jun 28, 2018 2:08 PM

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.

Wave Analysis