Apparatus and method for acquiring and tracking a data signal are disclosed. Two different CDR circuits are configured to acquire and track data based on two different modulation schemes. While in the acquisition mode, the first CDR circuit may acquire data signal by sampling the signal at a reduced clock rate and handover to the second CDR circuit when a preamble is found. Also in the acquisition mode, the data acquisition and tracking circuit may determine the power level of the preamble signal and dynamically adjust the threshold level for the tracking period upon finding of the preamble.