The keyword in this question is rain...
Water and the engine electrical system just do not 'mix'.
A few pieces of the puzzle to start...
An ignition misfire has been detected
normally the coil pack
This happens when there is an Active Misfire, or a urgent pending service matter. Get your codes checked.
A flashing check engine light usually indicates a misfire. You need to check codes to know possible causes.
I believe it is blinking because there is a misfire inside the engine. Meaning that the timing is off. This could be because the timing belt may be old and the teeth are chewed and are not as rigid. That was the case for my 96 tacoma.
What causes misfire 302, 304 and 306
Misfire detection.
the gun powder ispacked to tightly and the preassure builds up and can cause it to misfire
In general (very loosely) a misfire can be a bad plug, wire or coil.
Time to replace seals, this usually causes misfire.
A blinking check engine light typically indicates a serious issue, often related to the engine's ignition system or emissions control. This can be caused by a misfire, which can lead to unburned fuel entering the exhaust system, potentially damaging the catalytic converter. If the light is blinking, it's crucial to stop driving and have the vehicle diagnosed as soon as possible to prevent further damage.
Normally a vacuum leak.