Preheat your oven to 350°F (175°C). Grease a standard loaf pan and line it with parchment paper for easy removal. In a medium bowl, whisk together the flour, baking powder, baking soda, and sea salt. Set aside. This ensures even mixing and prevents lumps in your batter.

In a large bowl, combine granulated sugar and canola oil. Mix well until smooth. Add eggs one at a time, whisking thoroughly after each addition. Stir in almond extract. The mixture should be light and slightly fluffy, creating a perfect base for your loaf.

Gradually add the dry ingredients to the wet mixture, alternating with water, beginning and ending with the flour mixture. Mix gently until just combined. Do not overmix, or your loaf may turn dense. The batter should be thick but stirrable.

Gently fold in the drained maraschino cherries and sliced almonds. This ensures even distribution without breaking the cherries apart. The cherries will provide juicy bursts of flavor, while the almonds add crunch. Pour the batter into the prepared loaf pan, smoothing the top.

Bake for 50-60 minutes, or until a toothpick inserted into the center comes out clean. Check for doneness around the 55-minute mark. Let the loaf cool in the pan for 10 minutes, then transfer to a wire rack. Meanwhile, prepare a simple glaze or dust with powdered sugar if desired.