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Showers Pass makes a great jacket with vents to keep you dry on the inside and quality construction that stands up to the elements. I've got the Touring Jacket in Yelling Yellow. It isn't cheap but will last for years.
+ 1-- REI also sells a cycling specific Jacket sold under their barand "Novara".
You can wear it anywhere, but it will stand out in the crowd
REI Jacket-- A good loose fitting jacket.
Showers Pass Elite and Tourist Jackets