In my opinion the cuts shall be done in various stages.
* First of all they have already reduced capacity to only 20,000 FSW1 immigrants.So less FSW1 people.
* The category for canadian experience class i.e. the one where students and work permit people can apply after 1 year stay in Canada is removed all togather.So complete removal of this category which may be one of the highest.
* They can have stricter checks on immigration.
So, if you have applied and you do not have any error/wrong information/false claims in your documents there is no need to worry.