Hey everyone I've got something I'm wondering and I'm hoping I can get some insight from the veterans here. I've read that when there is movement when the market is closed that at the open it is normal for the gap to close before any further movement in either direction. It makes sense. Now I've been seeing this but I've never seen a large move in the forex pairs during a closed market.
Now my question. USD/CAD unlike the rest of the pairs I was monitoring friday kept moving up till the close. The rest seemed to die out a few hours before the close. USD/CAD kept going up and up till it hit a solid resistance and then stayed there till the close. Now it is back down 50 pips. Thats quite a big move down for USD/CAD. Most of the other pairs have moved less than 5 pips. So was the last few hours of friday more of the big boys just taking profit and not a true reflection of its value/direction or do you think that USD/CAD or anyother pair for that matter will still close the gap when the market opens even if it is a huge move during closed market hours?
Now my question. USD/CAD unlike the rest of the pairs I was monitoring friday kept moving up till the close. The rest seemed to die out a few hours before the close. USD/CAD kept going up and up till it hit a solid resistance and then stayed there till the close. Now it is back down 50 pips. Thats quite a big move down for USD/CAD. Most of the other pairs have moved less than 5 pips. So was the last few hours of friday more of the big boys just taking profit and not a true reflection of its value/direction or do you think that USD/CAD or anyother pair for that matter will still close the gap when the market opens even if it is a huge move during closed market hours?