USD/CAD dropped quite dramatically shortly after 3pm on Friday. Coincidentally, this was just after pit trading in currency futures ended and futures margin requirements reverted from intraday to normal levels. Does anyone see any "tactical" explanation(s) for the drop? - Stop hunting? - Exploiting the thin market in 6C? - Taking advantage of the fact that May 1st is a public holiday in the UK, Germany, Singapore and Hong Kong? - Other reason(s)?
REVISED (30 minutes after original posting): USD/CAD dropped quite dramatically shortly after 3pm on Friday. Coincidentally, this was just after pit trading in currency futures ended and futures margin requirements reverted from intraday to normal levels. Does anyone see any "tactical" explanation(s) for the drop? - Stop hunting? - Exploiting the thin market in 6C contracts? - End-of-month marking up? - Taking advantage of the fact that May 1st is a public holiday in the UK, Germany, Australia, Singapore and Hong Kong? - Other possible reason(s)? Other major currencies also had last-minute gains against the Dollar, but apparently toward or around 4pm.