Heat oven to 350 degrees. Grease and flour 9X5" loaf pan; set aside.
In a large bowl, stir together flour, baking powder, salt, and baking soda. In another bowl, beat together sugar, oil, and eggs until light; stir in milk and vanilla.
Stir wet ingredients into dry enough to moisten; fold in cherries and nuts. Spoon into pan, smooth top and bake 60 to 70 minutes, or until toothpick inserted in the center comes out clean.
Make the glaze. Mix together powdered sugar, cherry juice, and lemon juice. While cake is till hot, pierce the top a number of times with a long, thin skewer, then pour glaze mixture over loaf. Let stand in pan 15 minutes, then turn out onto cooling rack. When cool, wrap well and leave overnight before slicing.