Preheat oven to 350 degrees F (175 degrees C). Butter and flour a fluted tube pan (such as Bundt®).

Beat butter and sugar together in a large bowl with an electric mixer until light and fluffy. Beat eggs, 1 at a time into the butter mixture.

Sift flour, baking powder, and salt together in a bowl. Stir flour mixture into butter mixture until smooth batter forms. Fold in cherries and raisins. Pour batter into prepared fluted tube pan.

Bake in the preheated oven until evenly browned, about 1 1/2 hours.

Cool cake in the tube pan for 10 minutes before turning out onto a cooling rack to cool completely. Dust with confectioners' sugar.