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

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.