Hmm, I don't buy it.
This rumor looks like it's been put together from previous rumors.
Here's what I'm noticing:
The 700D is just going on sale for $899 (kit), while the current 7D price on Amazon has been lowered is $1150.
And the 6D has jumped in price to $1899 (up from $1800 last month).
To my untrained eye, Canon has just cleared a pricing gap between the 7D and the 6D.
At the same, it has narrowed the gap between the 700D and the 7D.
A 70D priced at $1199 will be more expensive than the 7D at this time.
Does this make sense? I think not.
It makes more sense if the rumored new camera is priced between the 7D and the 6D.
That would be the 7DII, though, not the 70D.