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Heat oven to 350ºF. Oil, butter, or spray a 9-inch, round cake pan that is at least 2 inches deep. Line with parchment paper and set aside.
In a medium bowl, whisk together dry ingredients: flour, sugars, salt, baking soda, and baking powder. In a large bowl, whisk together wet ingredients: eggs, milk, and olive oil. Add the dry ingredients; whisk until just combined.
Pour batter into prepared pan and bake for 60 minutes – until the top is golden and a cake tester comes out clean. Transfer the cake to a rack and let cool for 30 minutes.
Run a knife around the edge of pan; invert the cake onto a rack and let cool completely. Garnish top of cake with dusting of powdered sugar, if desired.