Heat oven to 325°F Grease and flour, or spray with baking spray with flour, 12-cup fluted tube cake pan.
In large bowl, beat dry cake mix, dry pudding mix, water, melted butter, orange peel and eggs with electric mixer on low speed 30 seconds, scraping bowl constantly. Beat on medium speed 2 minutes. Fold in cranberries. Spread in pan.
Bake 57 to 63 minutes or until toothpick inserted in center comes out clean. Cool 15 minutes; remove from pan. Cool completely, about 1 hour. Sprinkle with powdered sugar.
In 1-quart saucepan, cook all sauce ingredients over medium heat about 4 minutes, stirring constantly, until thickened and bubbly. Serve warm or cool sauce with cake.
High Altitude (3500-6500 ft): Bake 63 to 69 minutes.