A method for characterizing fractures traversing a wellbore includes input to a computer multiaxial electromagnetic induction measurements corresponding to measurements made along two mutually orthogonal magnetic dipole moment axes perpendicular to an axis of the wellbore. The measurements correspond to at least one receiver spacing from a transmitter. The measurements represent induced voltage in a receiver having a same dipole moment direction as a dipole moment direction of a transmitter. A first derivative with respect to wellbore depth of the multiaxial electromagnetic induction measurements is calculated. At least one peak and an amplitude thereof of the first derivatives is calculated. The peak and the amplitude are used to determine a location and an aperture of at least one fracture traversing the wellbore.