Preheat oven to 350 degrees Fahrenheit (175 degrees Celsius).

Grease and lightly flour a 9x5x3 inch loaf pan.

In a large bowl, combine vegetable oil, eggs, and water.

Add pumpkin to the wet ingredients and mix well.

In a separate bowl, whisk together flour, sugar, baking soda, cinnamon, nutmeg, and salt.

Gradually add the dry ingredients to the pumpkin mixture, beating until just combined.

Gently fold in the chopped candied cherries and nuts.

Pour the batter into the prepared loaf pan.

Bake for 1 hour, or until a wooden skewer inserted into the center comes out clean.

Let the bread cool in the pan for 10 minutes before transferring to a wire rack to cool completely.