All week long we’ve been warning about how thin the markets are. Case in point, USD/CAD has just ramped up 70 pips on one buy order through a New Yorker. No one has stepped up to take the other side of the trade, so the pair just keeps grinding higher, in search of a pool of liquidity. Once the order is done, USD/CAD could just as easily give it all back.

Moral of the story: Be careful.