USD/CAD Spike 19th Sept 3.30pm EST

Discussion in 'Forex' started by cabletrader, Sep 20, 2008.

  1. Can anyone see whether this was an actual market move or was it an erroneous quote? The spike seems to appear on all CAD crosses which might suggest it was an actual move, or could a bad tick on one pair ever show up across all CAD crosses?

    If it was a market move does anyone know what could have caused it, I can't see that any data was scheduled for release at that time.


    USD/CAD Spike 19th Sept 3.30pm EST


  2. Sierra Charts - Gain Capital Data Feed
    USDCAD 1 Minutes
    Time Open High Low Close
    15:33 1.0492 1.0503 1.0486 1.0503
    15:34 1.0484 1.0491 1.0483 1.0486

    OANDA Charts
    USDCAD 5 Minutes
    Time Open High Low Close
    15:30 1.0492 1.0581 1.0483 1.0485

    FXCM - NetDania Charts
    USDCAD 1 Minutes
    15:33 1.0488 1.0641 1.0482 1.0483

    IntelliChart - Comstock Data Feed Charts
    USDCAD - No spike at all

    It looks like something did happen. It could be that one dealer posted a false quote(s), and it would not be surprised if a lot was executed off of it. Nothing on calendar that I see. I wasn't watching it at the time.
  3. Thanks MiamiHurricanes, it's a mystery, some seem to have a spike and others don't. I've seen the spike on Alpari UK charts (screenshot), a missing bar altogether on Barx, and the spike on CMC's charts.

    Does anyone have a Hotspot or FXAll chart (if they have charts), or other reliable source?
  4. Pippi436


    On MB Trading there are 9 ticks all over the place up to 1.0641 - it only lasted for 3 seconds. Hotspot had a high of 0622.

    Apparently a mispricing/error from a bank - and trades on these prices should be reversed.
  5. Cybren


    CAD spike happened on Currenex and Hotspot as well, also in CAD crosses.
  6. Thanks Pippi436 and Cybren, it seems like some brokers are keeping the spike and others aren't.

    It's strange though, the spike appears on all CAD crosses, I've never seen that before with an erroneous quote, it's usually limited to just one pair as far as I remember.
  7. Cybren


    Yeah, we had some off market price in AUD/CAD and have not heard back on our objection yet. We expect nothing although we have amended these trades ourselves before to help out counterparties but last week seems to have made a difference and market courtesy seems not to apply anymore....
  8. Were you stopped out of a trade? If not then what's the problem?
  9. Cybren


    We were filled on a a obvious off market price on of the big ECN's. Our clearing managed to contact our counterparty and we agreed to end up in the middle. Happens more often, but in light of last weeks trading we were pleasantly suprised by their willingness. It's probably because we have helped them out a few times before.