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This Is What Today's HFT-Driven Canadian Dollar Flash Crash Looked Like

Back in March of 2014, when Virtu had just released its first attempt at going public (soon to be followed by a second one now that everyone has apparently forgotten that HFTs are nothing but frontrunning, market-destabilizing predators), we wrote "The Is The One Financial Product Now Targeted By The HFT Swarm" in which we showed that with equities no longer a fertile ground to frontrun whale orders, what the algos were focusing their attention on was currencies.

Earlier today, we got a glimpse of precisely how HFTs are now making a mockery of FX "price discovery" when completely independent of any newsflow, Canadian Dollar futures cratered on what is merely the latest of many flash crashes now coming to an FX market near you. Courtesy of Nanex:

This look familiar? Canadian Fx futures shows same pattern we see in US Stock flash crashes:

— Eric Scott Hunsader (@nanexllc)


And putting the flash crash in perspective:

Expect many more such "completely unpredictable" flash crashes in your favorite FX pairs now that algos are increasingly desperate to launch momentum ignition and stop hunt raids in the one asset class which has none other than central banks as the only remaining players.