My-Caucay 

A word that caucasion people use to praise each other in a similar way to how 'my nigger' is used among black people.

Well done dude - MY-CAUCAY!!

My-Caucay by Mike Alway May 8, 2008

My Caucasian 

A phrased used between those of Caucasian backgrounds or ethnicity. The term or phrase is commonly used as a greeting from one Caucasian to another. Simply to say “hey what’s up my brother or sister, hows it going?”
In reference it Is also considered a racial slur especially when used by someone of a non Caucasian background either indirectly or directly.

Caucasian: “see you later, my Caucasian!”

My Caucasian by Badassbossbassbitching May 2, 2019