I sort of figure I am just SOL here - but this seems a little immoral.
Looks like it was due to news. Can’t tell by your image, but most probably because it was during the NFP announcement today from the US.
Yep -my bad - I wasn’t even aware it was today. (how sad is that!) (…don’t answer!)
What I am seeing is that Dealers like OANDA like to do this to take out STOPs and then claim its because of Liquidity.
I just got burned on USD/JPY with OANDA taking out my STOP only to have the pair bounce right back. The price they have it hit NEVER occurred in the market and normally the spread between USD is like 1.2.
So with OANDA, they claim the lowest spreads, except they will adjust those spreads for their benefit and claim market conditions, though the prices the quote don’t even come close to the market.
If you don’t like it then don’t trade through news? This is perfectly normal, and in 99% of the time is not due to broker manipulation.
Right before news of any sort a lot of orders get pulled heavily increasing the spread. Sometimes BIG. I saw a 60+ pip spread on the GBP/CAD last month during the last Fed meeting when the first taper announcement happened.
The crosses always suffer more than the majors.
Always expect some amount of slippage during news release. Upto to 20 pips for majors and 100 for the crosses.
Liquidity shortage can increase spreads. Liquidity demands are high during news as most peeps are impulsive. So the higher spread or delayed execution keeps you out of the market and the order flow is kept in check, after all if we are all buying who will sell? Market inefficiency you don’t like it become a socialist.