Preheat the oven to 350 degrees F.
Coat two (8x4-inch) loaf pans with the floured cooking spray.
Transfer the cherries from the jar to a cutting board. Reserve about 1/4 cup of the juice for the glaze, and reserve the rest of the juice for the bread.
Roughly chop the cherries.
Sprinkle the chopped cherries with 2 tablespoons of the flour and toss to evenly coat.
In a large mixing bowl, add the remaining flour, the granulated sugar, the baking powder, and the salt, and whisk to combine.
In a small mixing bowl or a glass measuring cup, add the eggs, the canola oil, the cherry juice reserved for the bread, 1 teaspoon of the almond extract, and the vanilla extract and whisk to combine.
Pour the wet ingredients mixture into the dry ingredients mixture and stir until just combined. The batter will be very thick.
Gently fold in the chopped cherries.
Pour the batter evenly into the prepared loaf pans, smoothing the tops lightly with a spatula.
Bake until the loaves are domed on top, are set, are springy on the top, and until two toothpicks inserted into the centers come out clean or with a few moist crumbs clinging to them, about 40 minutes.
Allow the loaves to cool in the pans for 15 minutes.
Transfer the bread loaves from the pans to a wire rack to cool completely.
In a medium bowl, add the reserved 1/4 cup of the cherry juice, the remaining almond extract, and 1 cup of the confectioners' sugar and whisk until smooth and glossy. Optionally, add some of the red food coloring, one drop at a time, to make the glaze more pink or red.
If the glaze is too thin, add more of the extra powdered sugar, a tablespoon at a time, until it reaches the desired consistency.
Drizzle the glaze over one or both of the loaves. The bread will keep airtight at room temperature for up to 5 days or in the freezer for up to 6 months. Do not glaze the bread if you are going to store it instead of serving it immediately.
Slice and serve.