Preheat oven to 325 degrees Fahrenheit. Spray two 8 x 4-inch loaf pans with nonstick cooking spray and line with parchment paper, leaving a 1-inch overhang on either side. Set aside.
Add 1 cup granulated sugar and ½ cup vegetable oil to a large bowl and use a hand mixer or a stand mixer fitted with the paddle attachment to mix until combined.
Add 2 large eggs, 1 teaspoon vanilla extract, 1 ½ teaspoons almond extract, and ½ cup of the reserved maraschino cherry juice (adding enough water to bring it to ½ cup if the juice alone is not enough) and mix until combined.
In a separate bowl, whisk together 2 ¼ cup all-purpose flour, 2 teaspoons baking powder, and ½ teaspoon salt. Add the flour mixture to the sugar mixture and mix until combined.
Stir in 1 (8-ounce) jar maraschino cherries, by hand.
Divide the batter evenly between the two prepared loaf pans and bake for about 40-45 minutes or until a toothpick inserted in the center comes clean. Remove from oven and cool in pan for 10 minutes before inverting the loaves onto a cooling rack to finish cooling.
Dust tops of loaves with powdered sugar, before slicing and serving.