Is Canada's current account deficit sound?

Canada's current account deficit is likely to widen due to slower forecast global economic growth and lower commodity prices. That said, the large net financial deficit of households indicates that Canadians are living beyond their means, encouraged by inflows of cheap foreign money. Although this may continue for a short while, it cannot continue indefinitely. This indicates that Canada's current account deficit of around 3.6% of GDP does not look particularly sound.