Covenant refers to the promise or pledge that exists between God and those who obey His Laws. Hence, there was the covenant between God and the people of Israel. They were the called people at that time and they were the most spiritually mature, since they understood the Laws of God the best and their religious practices were the most mature.
Because of this maturity, God made a covenant with them promising them that as long as they kept the His Laws, they would continue to enjoy His protection. It was an act that bound these people to God and made them His favourite children.
This is always the case with a people and also with individuals as long as they kept all the Laws of God. The protection of God always extends to them. However, once the people stopped obeying the Laws, the mantle of protection that always surrounds them would be broken and evil currents can now approach.
So it is entirely up to us. God will never abandon His creatures but as can be attested to by history we are always the ones who stray away from the anointed path.