Gather all ingredients and equipment before starting.
Make hollandaise: Whisk 2 egg yolks and 1 tsp lemon juice in a heatproof bowl over simmering water. Slowly drizzle in 4 tbsp melted butter while whisking constantly until thick and creamy. Season with salt, pepper, and a pinch of cayenne. Keep warm.
Poach eggs: Bring water with 1 tsp white vinegar to a gentle simmer. Crack each egg into a cup, slide into water, and cook 3 to 4 minutes for a runny yolk. Lift out with a slotted spoon.
Toast muffin and warm bacon: Split and toast the English muffin until golden. Warm Canadian bacon in a skillet for 1 to 2 minutes per side.
Assemble: Place muffin halves on a plate, top with bacon, then a poached egg. Drizzle generously with warm hollandaise sauce and serve immediately.