Hi deon,
The "Wrap" function is strictly for cylindrical shaped cuts. On a plasma and according to your picture, I would rotate the square tubing up or down 90° and use a simple U shape "Profile" cut to achieve the cut. If you are looking to rotate simultaneous while cutting the tube and if your machine even has that capability, you would need to use full 4 Axis Simultaneous which is found under the option "5 Axis".
Darrin
SolidCAM USA