In the second half of a normal menstrual cycle, progesterone levels rise. Progesterone binds to its specific receptor, but also to the mineralocorticoid receptor; thus progesterone acts as a mineralocorticoid antagonist. For this reason, sodium loss is slightly enhanced in the luteal phase, and, as a reflection of the negative sodium balance, plasma renin and aldosterone rise by 20-50%. This rise is of a compensatory nature, and prevents further sodium losses. It's all about feedback baby. So now your body is feeling slightly inclined to retain sodium and then suddenly WHAM your progesterone levels plummet leaving you totally stranded with elevated sodium-retention hormones and no compensatory progesterone. The other side of the coin is estrogens which strongly stimulate the production of renin substrate, leading to increased levels of angiotensin and aldosterone, and sodium retention.
The problem with many of the combined oral contraceptives is the progestogens are not identical to natural progesterone and thus are unable to counteract the sodium-retaining effect of the estrogen component. As well as this, OCs are a lot higher dose than what your body would naturally produce, thus shutting down your own feedback systems. As a consequence, these drugs may increase fluid retention, and body weight gain throughout the month. I can easily imagine how hitting the sugar pills would cause all hell to break lose. Your own hormones are very low, the OC is outta your system, and fluid/sodium retaining hormones are sky high. BTW the progestogen component of the pill is to protect the uterus from the hormonal onslaught of unopposed estrogen at high doses, as well as to trick your body into thinking it's pregnant.
There are some modern OCs that have better progestogens....ones that also bind to the mineralcorticoid receptor and reduce fluid retention.