The unloading of 37 M shares from ACE kill the positive momentum.

We can understand that ACE managers have wait the best moment to sell thier shares;  Air Canada made some presentations , ruling in AC favor were published ( labor agreements, Chorus), we had good results on november.... 

Buyers understands that the pipeline of good news is empty, that a huge volume is waiting for them, that Cormack isn't able to sell the shares fast. This volume have to be digested.

Only a very positive new like an agreement on pension deficit can revive the momentum.

We have to be patient.