Americain was last night the $4.80 favourite ahead of Dunaden on $7.
Americain's form in Europe this year has not been as impressive as before last year's visit, but French trainer Alain De Royer-Dupre says it would be a mistake to take that into account.
"He's had no luck this year in Europe and we deliberately did not race him as much as a year ago.
"He is much better than he was when he was here last year."
In which case he is a worthy favourite. But it won't be easy - Americain has top weight of 58kg, which would be prohibitive for most horses.
What will help Americain is his massive, charismatic body and demeanour.
Americain's acceleration to get out of an awkward spot around the home bend at Moonee Valley was breathtaking. It's that sort of acceleration that wins these major races.
Dunaden's French trainer Mikel Delzangles wants some down-under revenge for his country from that Eden Park cliff-hanger.
Delzangles is a self-confessed rugby nut in a country that reveres soccer. He admits it cut pretty deeply to go so close in the Rugby World Cup.
He says he swore something to himself after turning off his television moments after the game.
He won't say what it was, but you can guess. The Flemington winning post would have featured prominently.
A record 11 European runners will face the starter this afternoon in a race that, for a change, will not include a New Zealand-trained stayer.
The closest we can get is two former New Zealand jockeys Lisa Cropp and Jim Cassidy.
Cropp will ride the Mike Moroney-trainer Glass Harmonium and Cassidy is on Illo for Bart Cummings.
The biggest price movement in the Cup yesterday was Niwot, who dashed away for a clear-cut Lexus Stakes win on Derby Day on Saturday.
Continuous support for Niwot brought his price from $17 into $12.
