I was standing on my back step saw a red light in the sky. It was sitting between two stars in the northwest (NNW) portion of the sky, then it moved toward the star in the west, slowly. It had a grey circle not exactly around it but off to the side of it. This was visible at times and not at others. Then it did a strange loop, a circle in the sky, then cut east and moved very fast -- faster than a plane. I went down into the yard and it was descending fast toward the horizon in the east, and then I lost it past the roofs of the houses. I told family members and they suggested it could have been a drone -- apparently they can reach 4,000 feet. This is a holiday in Canada and there were fireworks going on -- I saw no fireworks and this was definitely not a firework, though someone could have sent up a drone to film fireworks. However, it seemed very high in the sky and the grey disc/circular trail attached to it I cannot explain. It moved very fast across the sky. I was surprised at how low it seemed to get without changing in size (again, could have been a drone for that reason) but I did not think drones could move that quickly.