The Melbourne Cup is more than three months away but Gai Waterhouse is already well advanced in her planning for Australia's most famous race.

Waterhouse took Group One winner Glencadam Gold and UK import Michelangelo for a day out at Canterbury on Wednesday with the pair taking part in an exhibition gallop between races.

Both gallopers are being aimed at the Melbourne Cup, a race Waterhouse is yet to win.

"They will both head in the same direction, towards the Melbourne Cup," Waterhouse said.

"In the meantime I will sort out their programs."

Waterhouse said she had yet to decide if either galloper would race in Sydney this spring and did not rule out the pair campaigning exclusively in Melbourne.

Glencadam Gold finished a brave sixth in last year's Melbourne Cup in which he made the running but lost form in the autumn when he was unplaced in two starts.

Both Waterhouse and jockey Tommy Berry were buoyed by Glencadam Gold's workout on Wednesday with Berry, who has only recently returned from a stint in Hong Kong, declaring him "a happy horse".

"He's relaxing well and it's good to see because last preparation he was very keen in his work and his gallops and he wasn't finding the line that good," Berry said.

"He was very clean in the wind today.

"I couldn't have been happier with him."

Glencadam Gold trailed Michelangelo in the workout but when Berry asked him to quicken from the 600m, he ranged up to his barn mate and quickly got the upper hand.

Formerly trained by John Gosden in England where he was Group One-placed in last year's St Leger, Michelangelo was partnered by Nash Rawiller and was unable to match his stablemate over the final 200 metres despite being given a slap with the whip.

Waterhouse was unperturbed by Michelangelo's gallop and said he was behind in condition in his first Australian preparation.

"He's struggling fitness-wise but he's not struggling as a horse. He is just a bit behind," she said.

"It was a nice exercise for them.

"Glencadam Gold is fitter, he is seasoned. It makes a big difference."

Waterhouse also said she was yet to decide whether she would appeal a $2000 fine handed down by stewards on Tuesday for her failure to report on the fitness of More Joyous before the Queen Of The Turf Stakes in April.