Preheat oven to 350. Prepare a large piece of foil (large enough to wrap up and around your bread loaf). Spray the foil lightly with non-stick cooking spray on one side and place it onto a baking sheet. Set aside.
Slice the bread (as pictured) most of the way down, into bite-sized cubes, leaving the bottom of the bread in tact so it holds its shape. You don't want to slice all the way through the bread.
In a small mixing bowl, stir together the melted butter, olive oil, and garlic. Set the loaf onto the greased foil. Pry apart the bread and spoon the butter/oil/garlic mixture in between the slices. Wrap the foil up around the loaf and seal. Bake for 10 minutes.
Remove the bread from the oven. Increase the baking temperature to 425. Carefully open the foil and sprinkle the grated cheddar onto the bread, pushing it down into the slices. Leave the foil open and cook another 15 minutes or until the cheese is melted and beginning to brown.
Sprinkle with parsley and serve as soon as it is safe to touch (you want the bread hot and melty, but you don't want to burn your fingers).