Start by preheating your oven to 350°F (175°C). Grease your loaf pan with a bit of oil or cooking spray to prevent sticking.
In a large mixing bowl, combine the granulated sugar and vegetable oil. Mix well until combined. Add in the eggs, vanilla extract, and almond extract. Whisk until the mixture is smooth and well blended.
In another bowl, whisk together the all-purpose flour, baking powder, and salt. Gradually add this dry mixture to the wet ingredients, stirring just until combined. Be careful not to overmix, as this can lead to a dense bread.
Gently fold in the chopped maraschino cherries along with a tablespoon of the reserved cherry juice. This not only adds flavor but also gives the bread a beautiful pink hue.
Pour the batter into the prepared loaf pan, smoothing the top with a spatula. Bake in the preheated oven for 50-60 minutes, or until a toothpick inserted into the center comes out clean.
Once baked, remove the Cherry Almond Bread from the oven and let it cool in the pan for about 10 minutes. Then transfer it to a cooling rack. Once completely cool, dust the top with powdered sugar for a lovely finishing touch.