Mostly what I've been using for rain is: patagonia spraymaster jacket & pants if it's a torrential downpour (but I'm usually more likely just not to bike!) or arc'teryx alpha lt in gore pro shell.

The arc'teryx squamish is always in my pack in case of a rain shower - it's light, it unzips to my navel, which is more than enough breathability. Also works great for kayaking as a lightweight keep the sun off layer.

For a softshell:
Mammut ultimate hoody - hoody, water resistant, and 2 way pitzips - you can basically unzip the side of the jacket up to your elbows.

pants - rei mistral and I can't remember the name of the arc'teryx lightweight softshells I have.