Hooray, plugsmustard! Now this is an "experiment" that I can get behind.
However, some other posters gave you some good advice. Switch out the metal can for something else and take the plastic wrap (?) off. The soil needs to breathe and plastic is notorious for holding in moisture (humidity dome is a great example of this). A 5 gallon bucket would likely be too heavy for those brackets you're hanging on, but they sell "grow bags" of various sizes - nice and breathable, light, and pretty much designed for what you're doing.
Worst case scenario as far as the seedling being shaded by the can, is that it will stretch a bit until it reaches the side of the can. No biggie. It's also going to start growing up towards the sun, so you might actually have to work to keep it growing straight down. Again, not hard to do.
Can't wait to see more pics!