I noticed that question has already been correctly answered by Jrc405 on page 5 of the Ford Ranger XL Q & A
P1432 - Thermostat Heater Control (THTRC) Circuit Failure The Comprehensive component monitor (CCM) monitors the THTRC circuit to the PCM for high and low voltage. If during testing; voltage was to fall below a calibrated limit for a calibrated amount of time the test will fail and set the DTC and MIL. Open or shorted THTRC circuit Open VPWR Open or shorted thermostat assembly Damaged PCM DTC P1432 is a THTRC circuit check. Testing should include wire harness, thermostat heater and PCM.
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