A multiband, multi-echo simultaneous ASL/BOLD sequence was developed and used to estimate cerebrovascular reactivity (CVR) using a breath hold (BH) task. In addition, both the BOLD and ASL data were denoised using multi-echo independent component analysis (ME-ICA). ICA was used to extract the BH activation component from the data, which was then correlated with the whole brain. CVR was estimated as the percent signal change from the BH task. Denoising resulted in increased BH activation and more robust CVR maps. Furthermore, the data-driven approach used here eliminates the need to model for the complicated BH response.