Line 2 sheet pans with parchment paper.

Combine the powdered sugar and almond flour in a food processor and pulse until combined and no clumps remain.

In the bowl of an electric mixer fitted with a whisk attachment, whip the egg whites until foamy. Add the granulated sugar gradually and continue to whip until you obtain a glossy stiff meringue.

Fold the meringue with the almond and sugar mixture. Fold quickly at first, then slow down as it comes together. Do not fold too much, or the egg whites will be too deflated. Test a small amount by placing a dollop on a flat surface. If the top flattens on its own quickly, it is ready.

Fill a pastry bag fitted with a plain tip with the batter and pipe small 1-2 inch rounds onto the prepared baking sheets, leaving 1 inch space between them. Sprinkle half of the macarons with crushed candy canes (these will be the tops). Allow the piped macarons to sit out at room temperature for 1 hour.

Heat cream until hot in a saucepan over medium low heat. Remove from heat and add the chocolate to the cream and let sit for a few minutes. Stir until smooth. Add the extract and food coloring. Let cool until firm enough to pipe or spoon onto macarons.