SAS does not replace macro variables inside single quotes. Also, you need to indicate the end or the name of the macro variable with a dot. For instance, I can't tell if your macro variable is &date_yyyymmdd or &date. Assuming the first:
x """c:\Folder\excelfile_&date_yyyymmdd.\Holding\Holding.xls""";
I prefer to build the full name as a separate macro variable so that I can test it:
/* double quotes are included if specified a macro variable */
%let quoted_file = "c:\Folder\excelfile_&date_yyyymmdd.\Holding\Holding.xls";
data _null_;
put "ed_file;
x "ed_file;
run;
pT