Preheat oven to 350°F (175°C).
Grease and flour a 9-inch round cake pan or a loaf pan.
In a large bowl, whisk together olive oil, sugar, eggs, vanilla, lemon juice, and lemon zest.
In a separate bowl, whisk together flour, baking powder, baking soda, and salt.
Gradually add dry ingredients to wet ingredients, mixing until just combined (don’t overmix)
Pour batter into the prepared pan. Bake for 35-45 minutes (the loaf pan may take longer) until a toothpick inserted into the centre comes out with a few moist crumbs.
Let cake cool in pan for 15 minutes before inverting onto a wire rack to cool completely. Dust with powdered sugar before serving, if desired.