Lightly grease a 9x5x3-inch loaf pan and set aside.
In a large mixing bowl, stir together flour, granulated sugar, brown sugar, baking powder, and salt. In a small bowl, stir together egg, milk, cooking oil, and almond extract until well combined.
Add egg mixture to flour mixture all at once. Stir until just moistened. Fold in the maraschino cherries and chopped almonds. Pour batter into prepared pan.
Bake in a 350 degree F oven about 1 hour or until a wooden toothpick inserted near center comes out clean. Cool in loaf pan on wire rack for 10 minutes. Remove loaf from pan. Cool completely on the wire rack. Wrap and store overnight before slicing. Makes 1 loaf (16 servings).