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Default vlookup retaining data?

I've taken over work on several spreasheets and am trying to figure out why
the vlookup in one seems to retain data even after the spreadsheet it is
calling has been deleted.

In my cell I have:
VLOOKUP(A4, 'C:\Spreadsheets\[Test2.xls] MainSheet'!$A$1:$B$204, 3, False)

So from Test1.xls my vlookup is calling Test2.xls, but I've deleted Test2
and Test1 still gets populated. How could this be possible? Thanks.
 
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