If you use GNU's libbfd then you are not allowed to distribute the resulting executables because the GPL of libbfd prohibbits distribution of code that is not GPL-ed and the resulting executable will be partly QPL-ed (this is a restriction of the GPL not the QPL).  Note that if you have an ELF system (like linux) then you don't need libbfd.

Note that if you want to release your program under the GNU GPL, and still link with libcwd (and distribute the resulting binaries) then you can easily do that.  You can resolve the legal conflict for your program by adding a notice like this to it:

    As a special exception, you have permission to link this program
    with the libcwd library and distribute executables, as long as you
    follow the requirements of the GNU GPL in regard to all of the
    software in the executable aside from libcwd.

You can do this, legally, if you are the copyright holder for the program.  Add it in the source files, after the notice that says the program is covered by the GNU GPL. [ Source: http://www.gnu.org/philosophy/license-list.html section "The Qt Public License (QPL)." ].