Place shortening and butter in a large mixing bowl. Beat with an electric mixer on medium for 30 seconds. Add powdered sugar. Beat on medium until combined. Beat in egg, almond extract, and vanilla until combined.

Whisk together flour and salt in a medium bowl. Add to butter mixture until combined. Divide dough in half. Add enough red food coloring to one-half of dough to reach desired color; stir to evenly distribute color. Cover and chill separately both red and plain doughs for 30 minutes.

Preheat oven to 375°. To form candy canes, use 1 tablespoon of dough for each rope. Roll each on a lightly floured surface using fingers in a gentle back-and-forth motion to form a 4-inch-long smooth rope. There should be an equal number of plain and red ropes. Place a rope of each color side-by-side; press together lightly and gently twist. Arrange about 1½ inches apart on an ungreased baking sheet, curving one end into a cane.

Bake 8 minutes or until cookies are firm to the touch (not brown). Cool for 1 minute on cookie sheets. Transfer cookies to wire racks to cool completely. (Note: Cookies break easily at the curve so take extra care in handling them.) Store in a tightly covered container, using waxed paper between layers.