Start by preheating your oven to 350°F. Prepare two 8x4-inch loaf pans by greasing and dusting them with flour or lining with parchment paper for easy release.
In a large mixing bowl, combine the cake mix, eggs, sour cream, canola oil, water, and vanilla extract. Use a hand mixer on medium speed to beat the mixture for about 2 minutes until it's well blended and smooth.
Gently fold in the chopped red and green cherries and the pecans, ensuring they are evenly mixed into the batter.
Distribute the batter equally between the two prepared pans and level the tops with a spatula. Place the pans in the oven and bake for approximately 45 to 50 minutes, or until the tops are lightly golden and a toothpick inserted comes out clean. If they start to brown too fast, loosely tent them with foil.
After baking, let the loaves cool in the pans for about 10 minutes. After that, carefully transfer them to a wire rack to cool completely.
While the loaves are cooling, prepare the glaze by whisking together the powdered sugar, milk, and vanilla extract until smooth. Adjust the milk as necessary to achieve a drizzleable consistency.
Once the loaves have cooled, generously drizzle the glaze over the tops. Allow the glaze to set before slicing into the bread.