Preheat oven to 350°F/175°C. Grease an 8-inch cake pan and set aside.
In a medium bowl, mix together almond flour, baking soda and baking powder. Set aside.
In a mixing bowl fitted with whisk attachment, beat together eggs and sugar on high speed until pale and fluffy. Reduce to low speed, slowly add oil, milk, vanilla extract and almond extract and beat until combined. Turn off the mixture. Then fold in the flour mixture using a spatula, gently mix just until combined. Don’t overmix.
Pour batter into prepared pan. Bake for 40-50 minutes or until a toothpick inserted into the center of the cake comes out clean. Allow the cake to cool completely on a wire rack before frosting.
Make Almond Whipped Cream Frosting: In the bowl of an electric mixer fitted with paddle attachment, beat the cold heavy cream, powdered sugar and almond extract until stiff peaks form. Do not over beat.
Once the cake is completely cool, scoop out the frosting on top of the cake and spread it using an offset spatula. Decorate as desired.
Store cake in an airtight container in the refrigerator for up to 5 days. Cake is best served at room temperature.