Step 1

Crack eggs into a bowl. Fill a large pot with 3 inches of water. Bring to a boil over high heat; reduce to medium. When water is barely simmering, tilt pan slightly to create a wave and add eggs all at once. After 30 seconds, gently release eggs from bottom of pan with a rubber spatula.

Step 2

Cook eggs until white is set and yolk is still soft, 3 to 3 1/2 minutes. Using a slotted spoon, gently transfer eggs to a bowl filled with room temperature water.

Step 3

Heat butter in a medium skillet over medium heat. Add Canadian bacon in two batches and cook until crisp, flipping once, about 4 minutes per side.

Step 4

Preheat broiler. Arrange English-muffin halves craggy side up on a baking sheet. Broil until golden and toasted, 1 minute. Spread with butter and top with crisp bacon. Remove each egg with a slotted spoon and blot on a folded paper towel to remove excess water. Top muffin halves with poached egg. Season with salt and pepper. Spoon hollandaise over muffin. Top with watercress and a pinch of cayenne.