Can't Find Target Volume

[johare]

Original Setup:
External FW Drive named "Data"
Home folder backed up to an image called "BackupDaily"

Then I bought a new external HD and moved my images to it.

Current Setup
External FW drive named "Data2"
The same image "BackupDaily" is used to backup my Home Folder

However, when SD tried to execute a scheduled backup it says "Cannot find the target volume "BackupDaily."

So I tried to use the same image and recreate the backup process. I turned off the "Remember" feature & performed a backup. Then I turned on the "remember" feature and performed a backup. I then scheduled that backup job to run every weekday at 4:30pm. However, everyweekday at 4:40pm SD gets stuck because it can'y mount the image. Should I just delete the current image and start over?
Thanks!