Please review the schematics of PCA9306.
And 100pF is recommended for VREF2 in the datasheet. Is it ok to use 0.1uF for VREF1?
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Looks OK.
C2 should be small because it needs to be charged through R37 during power up. (If the translator is not needed quickly after power up, you can use any larger value.) The value of C5 is not critical; you can use any decoupling capacitor that you're already using elsewhere.