I have recently purchased a Canon 70D and am still having problems with downloading the plug-in that would allow me to import and edit RAW. Also when will Elements 12 be available and when it is will that mean the 70D will work for RAW without worrying about the plug in.
Use the DNG Converter 8.2 RC available from this page, after you enable the checkmark, to convert a FOLDER of CR2 files to DNG files, which should then open in the older ACR plug-in in Elements 11:
The 70D has preliminary support in the ACR 8.2 release-candidate plug-in available at Adobe Labs. What this means is that the 70D raw files are using the 6D camera profiles behind the scenes, but I expect the final release of the ACR 8.2 plug-in to fully support the 70D with newly-created camera profiles rather than from a previous model camera with a similar sensor.
The problem with PSE11 and the 70D is that the ACR 8.2 RC is only available to Photoshop users not Elements users and that PSE12 may come out soon enough that PSE11 never is updated to support the 70D.
I’d expect PSE12 to ship or at least be updatable to ACR 8.2 final so then the 70D would be fully supported. Usually PSE12 comes out in the late summer or early fall, so any time in the next month or two.