The eclipsing supersoft X-ray binary CAL 87 has been observed with Chandra on August 13/14, 2001 for nearly 100 ksec, covering two full orbital cycles and three eclipses. The shape of the eclipse light curve derived from the zeroth-order photons indicates that the size of the X-ray emission region is about 1.5 R⊙. The ACIS/LETG spectrum is completely dominated by emission lines without any noticeable continuum. The brightest emission lines are significantly redshifted and double-peaked, suggestive of emanating in a 2000 km/s wind. We model the X-ray spectrum by a mixture of recombination and resonant scattering. This allows us to deduce the temperature and luminosity of the ionizing source to be kT ~ 50 — 100 eV and Lx ~ 5 x 1037 erg/s.