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The 2005 Ford F-150 will feature two distinct camshaft sensors, which you've likely already identified. The sensor for bank 2 can be found near the serpentine belt, positioned above the oil pressure switch and below ignition transformer capacitor #2. On the other hand, the sensor for bank 1 is situated on the same side of the block, but at the opposite end, located below ignition transformer capacitor #1. At times, you may need to replace one or more of these sensors, with code P0345 being the likely indicator, though different codes may appear for other sensors as well. Replacing these sensors is not a simple task, as it necessitates dismantling a significant portion of the truck. Nonetheless, there are more challenging tasks you could find yourself undertaking.
The component is located on the front side of the driver's area, right under the valve cover. You'll need an 8mm wrench to remove the bolt. Best of luck with this task; it seems like it's just the start of your adventure. This was the first part I changed in the ongoing issue I've been dealing with this past month, and it only seems to be worsening with each new replacement.
There are two camshaft position sensors located on the 5.4L engine, with one positioned on the front right cylinder head and another on the front of the left cylinder head.