The film, starring Cate Blanchett and Rooney Mara, tells the story of two women having an illicit romance in 1950s New York.
Carol – based on a 1952 novel by Patricia Highsmith, author of The Talented Mr. Ripley – is winning rave reviews for its lead performances.
Cate Blanchett denied speculation suggesting she drew on her own early gay relationships to create the role.
The actress said: “In 2015, the point should be: who cares?”
Carol, directed by Todd Haynes, follows the blossoming relationship between a glamorous married woman (Cate Blanchett) and an impressionable shop girl (Rooney Mara).
Last week, double Oscar-winner Cate Blanchett, 46, reportedly admitted to Variety magazine that she had had many female partners.
However, at a news conference in Cannes, the actress was quick to scotch reports of a gay past.
Carol is seen by some critics as a companion movie to Todd Haynes’ Far From Heaven, about an illicit romance between a white woman and a black man, also set in the 1950s.
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