I have a workbook named Template.xls with a formula in a cell:
='C:\Data\[Data.xls]Data'!$B$1

While Template.xls is closed, the data in 'C:\Data\[Data.xls]Data'!$B$1
changes

I open Template.xls and the cell has NOT updated.

Isn't there a way to automatically refresh formulas on start up?