Did anyone else notice this crazy spike today?

I'm pretty new to trading I'd say so I'm sorry if this is something obvious that every trader knows or something, but I noticed this insane spike on USDCAD earlier today. The price dropped from 1.32679 all the way to 1.27369 and back inside one 1-minute candle. That's over 500 pips!

Is this normal? What if people were in a trade and had stop losses there, or pending limit or stop orders? It strikes me as I write this, that this could be broker specific... I am on OANDA if that provides any of you with insights or answers. I wasn't in a trade at the time so it didn't really affect me, but I'm just really curious as to what this phenomenon is.

Thanks for the help!

I spotted it on FxPro demo account as well, these things happen but its scary for sure!

That did not happen on my broker, Strange indeed, or market maker indeed.

Oanda and FxPro, Strange

Hi Aka,

I am with IC Markets (live account) and i could not find this spike, maybe it was a bug in your system?

everyone mentions market maker as a bad thing. The idea of a market maker isnt the bad. its the bad practices an individual market maker has that makes THEM a bad market maker. LPs are market makers but everyone wants an STP or ECN Broker that is backed by a market maker, so no matter how good the broker is, its still 'tainted' by market making if you want to consider all market makers bad.

I have PX pro real account and i had USd/cad trade last nignt ,but dindt see the spike . must be on demo account only

Better start looking for another broker mate :)

Use this broker:

https://pepperstone.com/?a_aid=LH-Group

strange, i never seen this before!
it did not happen on Hotforex

I'm on FXPRO Real account, and that did not happen.

USGFX also didnt ahve it. Had to get some time to check it to be sure.

aka_Ani posted:
I'm pretty new to trading I'd say so I'm sorry if this is something obvious that every trader knows or something, but I noticed this insane spike on USDCAD earlier today. The price dropped from 1.32679 all the way to 1.27369 and back inside one 1-minute candle. That's over 500 pips!

Is this normal? What if people were in a trade and had stop losses there, or pending limit or stop orders? It strikes me as I write this, that this could be broker specific... I am on OANDA if that provides any of you with insights or answers. I wasn't in a trade at the time so it didn't really affect me, but I'm just really curious as to what this phenomenon is.

Thanks for the help!

Isnt this during the midnight break when trading is closed and broker settle the day?

Yeah it was during the night, but trading with forex doesn't really close until the weekend right?

Also, the strangest thing - If I go back to that time spot now I don't see the spike in my OANDA live account. I still see it in my FxPro demo account though, and I'm starting to question my sanity and whether I saw it in the OANDA live account originally or only in the FxPro demo...

I dont know about your broker, but mine is 24/7

aka_Ani posted:
Yeah it was during the night, but trading with forex doesn't really close until the weekend right?

Also, the strangest thing - If I go back to that time spot now I don't see the spike in my OANDA live account. I still see it in my FxPro demo account though, and I'm starting to question my sanity and whether I saw it in the OANDA live account originally or only in the FxPro demo...

I am not with Oanada as they sucks but many brokers actually close for 5 min every day