This happens due to the rollover. At this time, most liquidity providers adjust their open positions. In order to do this they stop quoting, and as result liquidity becomes thinner and spreads widen. Usually, the rollover takes around 5 minutes between 23.58-00.03 server time. As a result of the spread increasing, and the fact that MetaTrader charts are BID based, you can see this candle. Even though the rollover takes place every day, liquidity differs from day to day. A similar situation takes a place at the begging of the trading session on Monday and the close of trading session on Friday. Please keep this in mind and adjust your positions accordingly.
Risk warning: Forex, spread bets and CFDs are leveraged products. They may not be suitable for you as they carry a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks.
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