Hello Shehbaz,
You can very well apply for the visa without getting the CAQ, but the thing is that they will begin processing of ur file only after they receive an acknowledgement from the CAQ granting Authorities.
I have Heard that if u apply without a CAQ,they can outright reject ur application.I am not trying to scare you,but why take a chance anyways ur application will be lying around until a CAQ is RECEived.
What you can do is wait for your CAQ,Once u are informed that u have been granted a caq then take a printout and attach it with your file while applying for the visa.
This is what I have done.