Preheat the oven to 325°F (165°C). Spray only the bottom of a stone loaf pan with canola oil.

Chop the maraschino cherries and pat them dry with paper towels.

In a medium bowl, whisk together the flour, baking powder, nutmeg, and salt. Set aside.

In a large bowl, beat the granulated sugar and softened butter until light and fluffy (about 2 to 3 minutes).

Add eggs one at a time, beating briefly after each addition.

Alternate adding the dry ingredients with eggnog in three additions, mixing on low until just combined.

Fold in the drained cherries gently with a rubber spatula.

Pour the batter into the prepared pan and smooth the top.

Bake for 1 hour 15 minutes to 1 hour 20 minutes or until a toothpick inserted in the center comes out clean.

Cool the loaf in the pan for 5 minutes, then transfer to a wire rack to cool completely.

Whisk the powdered sugar with 3 to 4 teaspoons of eggnog until smooth. Drizzle half the glaze over the cooled loaf and sprinkle with toasted sliced almonds. Drizzle the remaining glaze over.