That's the opposite of what I would do. [And I recommend never "opening" a backup file; once you do, it's no longer a true backup.]
Move your current Quicken data fileset (QDATA.*, where QDATA is the name of your Quicken data) to the folder where you want it to be. The first time Quicken opens the fileset in that folder, Quicken will create a new BACKUP folder and start doing its automatic backups there.
[Depending on how many auto backups you have Quicken saving, you will temporarily have auto backups in two BACKUP folders - though you can "move" those files too, after Quicken creates the new BACKUP folder - it's just not necessary ... the files in the BACKUP folder in the Q2004 file are just as useful as the ones in the new BACKUP folder, but will gradually become old and out of date and can be deleted.]
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