It is the nickname of a dancer that taught tango in Paris, and in his show he used to wrap himself in the Argentinian flag. This is the version in use int the Mexican Tango Academy. On top of that, in the lyrics of the tango 'El choclo' it says: "Carancanfunfa se hizo al mar con tu bandera Y en un pernó mezcló a París con puente Alsina." which makes sense... Carancanfunfa sailed to the sea with your flag, and with a Pernod confused Paris with puente Alsina ( the Alsina bridge in Buenos Aires ). Used in Argentina as well
"Carancanfunfa se hizo al mar con tu bandera"
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