The injury leaves the team with nine scholarship players -- in reality, only seven who play significant minutes -- and no perimeter backup.
Canty, a freshman guard who had averaged 9.5 minutes a game, suffered the injury to his right foot. The Musketeers already were down two key players -- top shooting guard Brad Redford, who tore his left ACL in the preseason, and Xavier's main incoming freshman Justin Martin, who was ruled ineligible.
Xavier (8-3) hosts Florida at 4 p.m. ET Friday on ESPN2 before playing its annual rivalry game at Cincinnati Jan. 6, also on ESPN2.
Xavier was projected to challenge Temple and Richmond for the Atlantic-10 title again, but with its numbers dwindling, that might be even more of a challenge.
The Musketeers already have played a rugged schedule, losing to Old Dominion in the Paradise Jam final Nov. 22 in the Virgin Islands, beating Butler by two at home and losing to Gonzaga last week by 10.
Senior writer Andy Katz covers men's college basketball for ESPN.com.