I agree. Keep monitoring. Besides, there is nothing you can do now. Until FR actually cancels the flight it will appears to be operational to FR staff and you will not be able to get rebooked (unless you agree to pay for it). These flights are def. not sold out.
May I ask you why have booked FR for May now./so far out? May is low season and most likely the fares will drop significantly until 3-4 weeks before departure. By buying this far out I assume that you have paid a significant premium.