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Code P0706 for a 2007 Honda Odyssey indicates a problem with the Transmission Range Sensor (also known as the Transmission Position Sensor). This code typically signifies that the sensor is providing an incorrect signal regarding the transmission's gear position, which can affect shifting and overall vehicle performance. Possible causes include a faulty sensor, wiring issues, or problems with the transmission control module. It's recommended to have the vehicle diagnosed by a professional to determine the exact cause and necessary repairs.

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