All you need to do it thread alternative red and white pony beads onto a chenille stick (pipe cleaner) and make the hook at the top by bending gently. Just ensure you double up each end, so that the beads do not slide off. It is that simple!
I have the pony beads in store - for only fifty cents ($0.50) for a pack of 100 - so a very inexpensive project to make and it also only uses 1/2 chenille stick for each candy cane.
Use these candy canes on your Christmas tree, just loop them over the branches, or as a decoration on your gifts.