No, it can be distinguished from random data. However, it probably doesn't matter in practice.
There's an interesting article here that explains some of the typical properties of a TrueCrypt container:
- The suspect file size modulo 512 must equal zero.
- The suspect file size is at least 19 KB in size (although in practice this is set to 5 MB).
- The suspect file contents pass a chi-square distribution test.
- The suspect file must not contain a common file header.
It talks about the program TCHunt, which was specifically designed for finding TrueCrypt containers. One of the properties is that it passes a chi square test. However, the modulo 512 operation gives more clues, and obviously, only passing a chi square test doesn't mean it's totally random data:
Truecrypt volumes, which are essentially files, have certain characteristics that allow programs such as TCHunt to detect them with a high probability. The most significant, in mathematical terms, is that their modulo division by 512 is 0.