Checked my Letraset Catalog [1985] but didn't see it.
Don't have a Mecanorma catalog, but I note that it's not in the digitized Mecanorma Collection of 88 fonts at Myfonts.
Don

In the upper case letters the two Os, the two As and the two Ns look different, even aside from the explosive effect. (Of course, the Ns are really different characters.) This may be some hand lettering.

Careless! I should have noticed the letter variations that indicated this was hand lettering.
But it could be fonted by making several variations of the little eruptions and pasting them at different angles on a suitable base font. Unfortunately my search for something similar to CANONAZOS was not very productive. As an experiment I blended Neuland Black with Showcard Gothic 50-50 and got the following result, which could be edited to make a fairly close match:

I attach a new image of Cañonazos, first ñ haves a tilde (in Spanish ñ is different of n), I think that this font is based on Neuland but I don't have more info about it yet. This is not a drawn or hand lettering. Notice similar glyphs in upper and lowercase.

Useful. This separates the base letters from the eruptions. Now the N and A base letters look the same. But the base O's are still different. Might be the same if they were flipped vertically.
Font or not?
Don

Another experiment. El Grande narrowed to 80% & blended 50-50 with Neuland Black. Minor editing.

Thanks.

By the way, how do it this blend? is in FontLab?

JVB

You're welcome Vargas.
Yes Fontlab. Make certain that you have opened the two fonts you want to blend. If you want to blend the upper case make certain that the capital height is comparable in the two fonts. I usually re-size the fonts based on setting the letter O at a height of 700. If you want to change the appearance of one of the fonts before blending, e.g. narrowing the width, do this. Then use the pull down tab for Tools and choose Blend Fonts. For significantly dis-similar fonts like Neuland Black and El Grande it's probably best to uncheck the box for "Do not change type or add nodes in compatible outlines." For significantly dis-similar fonts you can expect to do some cleanup after blending to get rid of unwanted bulges etc. Somewhat of a learning curve to get the results you want. Best to try 50-50 blend amount before experimenting. It should not be too difficult to more or less replicate the results I posted.
Don
Revised

Here is the full alphabet of the original lettering -- "Carnival Poster", upper and lower case -- by Speedball in the 1940s: