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This paper presents a theoretical and experimental investigation into the use of a two-photon absorption (TPA) photodetector for use in chromatic dispersion (CD) monitoring in high-speed, WDM network. In order to overcome the inefficiency associated with the nonlinear optical-to-electrical TPA process, a microcavity structure is employed. An interesting feature of such a solution is the fact that the microcavity enhances only a narrow wavelength range determined by device design and angle at which the signal enters the device. Thus, a single device can be used to monitor a number of different wavelength channels without the need for additional external filters. When using a nonlinear photodetector, the photocurrent generated for Gaussian pulses is inversely related to the pulsewidth. However, when using a microcavity structure, the cavity bandwidth also needs to be considered, as does the shape of the optical pulses incident on the device. Simulation results are presented for a variety of cavity bandwidths, pulse shapes and durations, and spacing between adjacent wavelength channels. These results are verified experimental using a microcavity with a bandwidth of 260 GHz (2.1 nm) at normal incident angle, with the incident signal comprising of two wavelength channels separated by 1.25 THz (10 nm), each operating at an aggregate data rate of 160 Gb/s. The results demonstrate the applicability of the presented technique to monitor accumulated dispersion fluctuations in a range of 3 ps/nm for 160 Gb/s RZ data channel.