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Create New Excel Datasource

How do I create a new datasource to point at another excel file. I tried creating a datasource using provider "Microsoft OLD DB Provider for ODBC Drivers", then selected "Excel Files" from Drop down list on the Connection tab, and then put the directory in the initial catalog box. The test connection succeeded on this dialog box put the test connection in the Jet datasource panel fails. I have tried putting just the directory and a directory with file name in the initial catalog box. Is it possible to create a datasource that points to another spreadsheet?

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