(Reuters) - Canada's main stock index moved higher on Monday, led by gains in consumer staples stocks, while investors await key economic data scheduled for later in the week to assess this year's interest rate cut trajectory.

At 10:20 a.m. ET (14:20 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 37.31 points, or 0.17%, at 22,346.24.

The Canadian dollar weakened against the greenback on Monday, while the yield on benchmark government debt also slipped, tracking its U.S. peer.

The index saw broader gains, with nine out of eleven sectors trading in the green.

The consumer staples index led sectoral gains adding 1.0%, supported by a 6.2% jump in the shares of Premium Brands Holdings as the specialty food producer, marketer and distributor beat first quarter results.

The materials index led sectoral declines, slipping 0.4%, being weighed down by a decline in gold prices ahead of key U.S. inflation data due on Wednesday, which could offer cues to the timing of the Federal Reserve's first rate cut.

"Probably some profit-taking ahead of the important CPI data this week is weighing on gold prices today. To see a further uptick in gold prices, there needs to be a clear slowdown in inflation readings," UBS analyst Giovanni Staunovo said.

Through the week, investors will also keep an eye out for April retail sales and weekly jobless claims data from the U.S., along with Canada's wholesale trade and manufacturing sales figures for March.

On the corporate front, Bitfarms shares fell 8% as the bitcoin mining company announced that it had fired its outgoing chief executive Geoffrey Morphy with immediate effect. Nicolas Bonta has been appointed on an interim basis.

The broader information technology index was off 0.2%.

(Reporting by Khushi Singh in Bengaluru; Editing by Ravi Prakash Kumar and Tasim Zahid)

By Khushi Singh