If that was the case shouldn't they also mention that current students could apply. Why would they ask for graduates? As u see they mentioned the certificate should be awarded.
"Have been granted one of the following credentials, following the completion of a program study from an eligible institution as defined in a): "
The wording is extremely ambiguous, I think our only choice is to wait either until they announce more details or till May 6th (knowing IRCC, I can see them giving details the same day the stream opens) and get some clarification amongst the hunger games chaos.