The CAD stood at a record high of 4.8 percent of the gross domestic product (GDP) at $88.2 billion in the last fiscal.
The government is trying to rein in CAD by imposing higher duties on gold and cutting down on non-essential import items.
The finance minister has set a target of below $70 billion or 3.8 percent of the GDP of CAD this fiscal.
According to the minister, trade deficit in the period between April and September stood at $80 billion -- down from $92 billion in the corresponding period of last year.
