Preheat the oven to 350 degrees F (175 degrees C). Using a pastry brush, thoroughly brush the insides and center tube of a 4.5-cup fluted tube pan (such as Bundt®) with the melted shortening. Sift 2 tablespoons cake flour over the greased pan, making sure that all surfaces are well coated. Shake out any excess flour over the sink. Set the pan aside.

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Using a sharp paring knife or vegetable peeler, remove the orange part of the orange peel, leaving behind the white bitter pitch. Place the strips of orange zest in the bowl of a food processor. Add cranberries and process until finely chopped. Set aside.

Cream sugar and butter together in a bowl with an electric mixer until light and fluffy. Beat in egg and almond extract. Add 1 1/4 cups cake flour, baking soda, and salt and mix until just combined. Beat in buttermilk and chopped cranberries and orange zest. Spread batter evenly into the prepared pan.

Bake in the preheated oven until a toothpick inserted into the center of the cake comes out clean, 35 to 37 minutes. Cool for 20 minutes and invert onto a serving platter.

While cake is cooling, combine cranberries, 3 tablespoons sugar, and water in a small glass bowl. Microwave on high for 1 minute to dissolve sugar and soften cranberries. Stir until all of the cranberries are coated with the sugary mixture. Remove the cranberries with a slotted spoon onto a waxed paper-lined baking sheet. Allow to dry for 30 minutes. Roll the cranberries in the remaining 2 tablespoons of sugar.

Combine powdered sugar, orange juice, and orange zest in a small bowl. Drizzle glaze over the cooled cake and garnish with the sugared cranberries.