Spread 1/2 tsp butter on the cut faces of the English muffin and toast cut-side down in a non-stick skillet over medium heat for 2 to 3 minutes until golden. Set aside.

In the same skillet over medium heat, cook the Canadian bacon for 1 minute per side until lightly browned. Move to a plate.

Reduce heat to medium-low and add the remaining 1/2 tsp butter. Place a 3-inch egg ring in the pan, crack the egg inside it, and season with the salt and pepper. Add the water to the pan outside the ring, cover immediately, and steam for 2 minutes and 30 seconds to 3 minutes until the white is fully set.

Remove the ring, lay the American cheese on the egg, turn off the heat, and let it melt for 30 seconds. Layer the Canadian bacon on the bottom muffin half, top with the egg and melted cheese, and cap with the top muffin half. Serve immediately.