Macanudo is also a positive expression, as sale con fritas. Macanudo is also part of the lunfardo, and it means “OK” or “all right”.
In that sense, it’s used mostly by adults, mostly over 50. It will be used to agree with something, like a meeting for the next day.
– Entonces ¿nos vemos mañana, a las 5? (So, are we meeting tomorrow at 5 pm?)
– Macanudo, a las 5. (Ok, at 5).
Macanudo is also as an adjetive to describe someone very nice, the kind of person that is always willing to help.
– Y, ¿cómo es? (So, how is he?)
– Macanudísimo (Very nice)
Macanudo can be also an eufemism for a ugly or not good looking enough person. For example, someone is trying to set up a friend with a girl, and the guy asks “¿Es linda?” (Is she pretty?) and the person replies “Es macanuda” it most likely means that’s not cute. But a good person, of course.