FX strategist: Dollar correction coming

FX strategist Kathy Lien expects a correction in the dollar after this week's Fed meeting, saying that will create "a beautiful opportunity to buy the greenback."

The BK Asset Management strategist told CNBC's "Squawk on the Street" on Monday the Fed will put the brakes on the dollar rally if Janet Yellen removes the word "patient" from its statement on when the central bank may raise interest rates.

"The key here is they're probably going to lower their inflation expectations component," Lien added about the Fed statement to be issued Wednesday after the two-day policymaker meeting.

"One of Yellen's greatest fears right now is getting the market to think that the rate hike in June is guaranteed," Lien said. "And I think the stronger dollar makes the decision even more difficult."

Lien sees U.S. dollar/euro parity within three months and believes the Fed is on track to raise interest rates in September. She is looking for another another 5 percent move higher in the dollar.

"This week will be a fabulous opportunity to start getting back into the dollar for that type of move," she said.

She expects that the weaker euro will be a reality over the next 12 to 18 months as the European Central Bank continues QE in order to boost the European economy.