Guy,
The answer to both high frequency and low frequency is "it follows the path of least resistance".
The question then remains what is "resistance" to the current.
From the DC perspective you could divide any conductor into domains and work out what it' DC resistance is and then calculate the path from all the other current sources and sinks on the board.
Not difficult just very labourious and very error prone.
However when you start talking about the AC resistance or impeadence life becomes a little more interesting. The following is a bit of an arm waving explination as the reality is lots of maths
Any movment of charge (ie current) creates a magnetic field and in so doing also induces a current in opposition untill at some point a steady state is achived (even if acompanied by a loud bang
. One curious aspect of this is that is also frequency dependant which results in "skin effect" where the current might only flow in the top few microns of the conductor and not at all inside it.
It is however not just the magnetic field to consider there is also the electrical field as well, and just to be anoying unlike the magnetic field that occurs only with the passage of charge, the electrical field can and does quite happily exisit without the movment of charge.
Now interestingly every time a charge moves current flows and a magnetic field is created, however the movment of charge also creates a "hole" behind it in the electrical field into which other charges will flow, (none of which happens instantaniously).
However the intensity of the fields are dependant not just on other charges or the currents that arise from their movment but the physical properties of components around the conductor in which the charge moves...
Now there is another issue things like charge only move at the speed of light as a maximum. Which means that when a charge moves it is moving based on out of date information because other charges in other places are moving as a consiquence.
One consiquence is of this is as current moves down a signal trace it effectivly leaves a path or channel behind it that any other adjacent charge will get draged into to balance the change in the fields hence a current is induced under the signal trace.
Thus at all frequencies comparable to the board size you get some interesting effects in that a charge has moved in one direction due to the influance of an "old" movment of charge at some point inbetween they meet and effectivly pass over each other like waves in a pond, and under certain conditions stability is achived and you get "standing waves".
All of which tends to make answering the question a little difficult as anything more than "the path of least resistance