The questions says it all. Can someone tell me the answer please? I have researched but I'm still not sure. Thanks.
Not at the moment. CloudStack uses native disk images, and CloudStack templates correspond to a single VM.
To deploy an OVF, you would have to extract the disk images and the XML description of the VMs to be created. Register templates for each image, and create a VM for each description.
This can be done by way of scripts. For instance, CloudMonkey automates registration and VM creation.