For conditional cell formattin, you can use different color combinations of the text and background. And you can show text in Bold for better readability.
Consider using the toned downs colors for Rejected and Canceled statuses, like light gray background and slightly darker gray text.
More options to format text and values are using Markdown or HTML Formatting for calculated measures. See this Tips and tricks community post by Gerda for more details and examples:
Thank you for the idea though, I added a new feature request to support the other two most common markdown options, Strikethrough and Italic, to the eazyBI backlog.