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First, if you would like to receive USEFUL information about your vehicle, (ESPECIALLY when you are asking about engine controls) it would be nice if you would mention WHICH ENGINE your vehicle is equipped with!
1995 Mercury Cougar XR7 was equipped with 3 different engines: 3.8L NON-SC VIN CODE  3.8L SC VIN CODE [R] 4.6L V-8 VIN CODE [W]
The crank sensor for both of the 3.8L engines is located at the lower right FRONT of the engine.
The crank sensor for the 4.6L engine is located at the lower right REAR of the engine.