diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 19ad4e4b6..5fa852eb0 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -1294,7 +1294,7 @@ class Exchange:
         cached_pairs = []
         # Gather coroutines to run
         for pair, timeframe in set(pair_list):
-            if ((pair, timeframe) not in self._klines
+            if ((pair, timeframe) not in self._klines or not cache
                     or self._now_is_time_to_refresh(pair, timeframe)):
                 if not since_ms and self.required_candle_call_count > 1:
                     # Multiple calls for one pair - to get more history
diff --git a/tests/exchange/test_exchange.py b/tests/exchange/test_exchange.py
index 12b11ff3d..b642b3fa2 100644
--- a/tests/exchange/test_exchange.py
+++ b/tests/exchange/test_exchange.py
@@ -1667,12 +1667,21 @@ def test_refresh_latest_ohlcv(mocker, default_conf, caplog) -> None:
     assert len(res) == len(pairs)
 
     assert exchange._api_async.fetch_ohlcv.call_count == 0
+    exchange.required_candle_call_count = 1
     assert log_has(f"Using cached candle (OHLCV) data for pair {pairs[0][0]}, "
                    f"timeframe {pairs[0][1]} ...",
                    caplog)
     res = exchange.refresh_latest_ohlcv([('IOTA/ETH', '5m'), ('XRP/ETH', '5m'), ('XRP/ETH', '1d')],
                                         cache=False)
     assert len(res) == 3
+    assert exchange._api_async.fetch_ohlcv.call_count == 3
+
+    # Test the same again, should NOT return from cache!
+    exchange._api_async.fetch_ohlcv.reset_mock()
+    res = exchange.refresh_latest_ohlcv([('IOTA/ETH', '5m'), ('XRP/ETH', '5m'), ('XRP/ETH', '1d')],
+                                        cache=False)
+    assert len(res) == 3
+    assert exchange._api_async.fetch_ohlcv.call_count == 3
 
 
 @pytest.mark.asyncio