Spray 8x4" loaf pan with non stick spray. In a medium bowl mix together sugar and vegetable oil. Add eggs, almond extract, 1 tsp vanilla, and 1/2 c. of your maraschino cherry juice. Whisk until smooth.
In a separate mixing bowl combine flour and baking powder, mix. Add this into your wet mixture slowly and stir until smooth and well combined.
Chop cherries and fold them into your batter.
Spread batter into prepared loaf pan and bake for 45-55 minutes or until toothpick inserted into the center comes out clean. Do not overbake, you want it moist.
Take out and allow to cool for at least 10 minutes in pan before sliding out and on to a cooling rack.
In a bowl whisk together powdered sugar, heavy whipping cream and remaining vanilla until smooth.