Source Data is Locked when using Connection File (even after readonly is specified)

I am using Excel 2013 and I created an excel data file on a shared drive. I created a connection file (using data connection wizard in excel) to pull that data into a pivot table. This pivot is working great for me, but I want to scale this up for multiple users. However, my source data is locked up when the first person refreshes the pivot table. So I can no longer update the source data until that user closes the destination pivot table. I tried Mode=Read and ReadOnly=True, but it the source data is still getting locked up. What am I missing?

<odc:Connection odc:Type="OLEDB">
odc:ConnectionStringProvider=MSDASQL.1;Persist Security Info=False;Data Source=Excel Files;Mode=Read;ReadOnly=True;Extended Properties="DSN=Excel Files;DBQ=R:\TRANSFER\Pegging Reports\Pegging strategy\Pegging Cube.xlsx;DefaultDir=R:\TRANSFER\Pegging Reports\Pegging strategy;DriverId=1046;MaxBufferSize=2048;PageTimeout=5;";Initial Catalog=R:\TRANSFER\Pegging Reports\Pegging strategy\Pegging Cube.xlsx</odc:ConnectionString>
odc:CommandTypeTable</odc:CommandType>
odc:CommandTextR:\TRANSFER\Pegging Reports\Pegging strategy\Pegging Cube.xlsx.'Pegging Cube$'</odc:CommandText>
</odc:Connection>
</odc:OfficeDataConnection>

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