England recorded an impressive 54-12 win over Fiji at the weekend, while the Wallabies were defeated 33-6 by France.
"England are a team who know what they want to do at different stages and they're very effective," McCabe told reporters.
"The Poms would have to be favourites because of the way they played against Fiji. They were outstanding while we were extremely poor against France."
McCabe has made 19 appearances for his country.