I've tested this:
When I open an Excel document D:\db\tmp\test1.xlsm
:
CurDir()
returns C:\Users\[username]\Documents
ActiveWorkbook.Path
returns D:\db\tmp
So CurDir()
has a system default and can be changed.
ActiveWorkbook.Path
does not change for the same saved Workbook.
For example, CurDir()
changes when you do "File/Save As" command, and select a random directory in the File/Directory selection dialog. Then click on Cancel to skip saving. But CurDir()
has already changed to the last selected directory.