hello.
Primary WAN is static public IP (ethernet), backup WAN is static public IP by DHCP on PPPoE client (DSL ISP) - the IPs will not change (no dynamic IPs).
that static ip provided by the dhcp is called dhcp reservation.
I have read that src-nat for outgoing traffic is most suitable when there is not a dynamic IP in use.
correct. masquerade doesn't need to know which outside ip address the internal inside are going to be translated to.
while the src-nat command has better control over which internal ip going to be translated to which outside ip. and the same mechanism goes for dst-nat command as well.
However, my question is that in a failover configuration whether masquerade would be better at improving speed of failover (re-establishment) of existing connections?
imho. what system is really needed by any kind of network address translation is connection tracking.
as long as the incoming stream are matched with the outgoing, the nat functions perfectly.
for failover schema, you need an additional system which is making a policy based routing for each gateway so that the stream doesn't break.
of course, the mikrotik wiki has plenty of useful config example for us to read.
and fellow @anav he has written so many examples too in this forum.
hope this helps.