Red Cardinal may be a different type of horse from his 2014 Melbourne Cup winner Protectionist but German trainer Andreas Wohler still rates him better than the bookies do.

The equal $13 fourth favourite Red Cardinal will have his last work-out on Thursday ahead of next Tuesday's Melbourne Cup.

"He's settled in really well," Wohler said on Monday.

"We are happy so far."

Wohler believes the 2017 Cup is an open race.

"With Protectionist we were more convinced that we have a really true genuine chance.

"If everything goes right we should be really up in the mix."

Wohler notes Red Cardinal is a different type of horse from Protectionist.

"Protectionist was always a more straightforward horse and we were very confident coming here," he said.

"Here we always think about an each-way chance."

Asked to rate Red Cardinal's chances of winning him a second Melbourne Cup, Wohler declared: "I think his chances are better than his odds."

Wohler said winning a Melbourne Cup was a tough game but one that was attracting more European interest.

"They know it's not easy so they're sending better horses.

"It's not only the prize money - it helps you a lot if you get some of it.

"It's the race itself. It stops a nation.

"When you come from Europe you just hear about it.

"When you're here and feel the upcoming hype, you've been everywhere around the world and never experienced anything else like that."