Preheat oven to 450°.
Place bread slice in a food processor; pulse 20 times or until fine crumbs form. Combine breadcrumbs and cheese in a shallow dish; set aside.
Combine flour, salt, and pepper in a large heavy-duty zip-top plastic bag. Combine water and egg white in a shallow dish.
Add chicken, 1 piece at a time, to flour mixture, shaking bag to coat. Remove chicken from bag, shaking off excess flour. Dip 1 side of chicken into egg white mixture; dredge dipped side in breadcrumb mixture. Place chicken, crumb side up, on a large baking sheet coated with cooking spray. Lightly coat chicken with cooking spray.
Bake at 450° for 20 minutes or until done.
While chicken is cooking, combine cranberry sauce and mustard; stir well. Serve with chicken.