If this is cane over a metal frame, then depending on the frame you may have future problems as hinted above. If you have a magnet, see if the frame is steel, and if so, you may have a rust problem that will need to be fixed first.
I have extensive experience with rebuilding and painting cars, as a hobby. There are several products that are effective for stopping rust, however, not sure of the effect on the cane material. I agree with the above suggestions to contact a furniture refinishing service, automotive paints are typically not compatible with plastic, vinyl, or plastic based (the cane) material.
Hope this helps.
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Pennsylvania, for 60+ years, most recently, Allentown, now TV. 
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