In a large saucepan, cook sugar and reserved liquid from the can of cherries over medium heat until sugar is dissolved. Add orange juice, cranberries and cherries. Bring to a boil. Cook uncovered, until cranberries begin to pop, about 6 minutes.
Reduce heat; cook 20 minutes longer or until thickened. Add the grated orange rind.
Pour into a serving dish. Cover and chill for at least 2 hours.