The 19-year-old, who came through the youth ranks at Bloomfield Road, has made one substitute appearance this season.
Accrington manager James Beattie has said that he is pleased with the arrival of Caton.
"We're still carrying a few injuries and it's great to have another option in the squad," Beattie told the club's official website.
"When everyone is back to full fitness I'll have a real headache. That's something I'm looking forward to.
"James is a great addition to a squad that I fully believe in. If they believe in themselves as much as I believe in them, then we'll win more games than we lose."
Accrington face Dagenham & Redbridge on Friday.