First, check to make sure you're creating a stereo file in Tools - Mixdown Audio - Export to File(s), it should say Mix to Stereo File(s).

Then, check the project you're working with by going to File-Info-Stats. Make sure it is at 44.1KHz and 16 bit.

If it is not at 44.1KHz, you will need another program to convert the exported wave file to 44.1KHz.

If it is at 24 bit, in Cakewalk, you can go to Tools - Change Audio Format, and choose 16 bit and checkmark Dither. Press OK and answer OK again.

Now, when you export audio, the resulting wave file will be 16 bit and 44.1KHz - ready for burning to CD.