Stood outside with my wife for a cigarette, observed bright light moving from SW, wobbling, ascending and descending for the duration. The light was bright white, but seemed to have an orange-red hue as it was flying away in front of us to the SW.Its elevation and direction changed randomly, the object made no sound and appeared to be travelling well in excess of 3-5x the speed of modern combat fighter aircraft (I live on a military base, and have served in the canadian military for 13 years.)I tried to film a zoomed in video of the object as it was flying away, although nothing notable could be determined from the video other than the light. I was hoping to catch it make some kind of strange turn in direction or height etc, but it kept travelling to the north west over the tree line and out of sight.I have a short 20s film of the object on cell phone camera, but it is very difficult to determine anything.The object and entire event lasted less than 2 minutes as it flew from my extreme right of view from my front door to the left out of sight. Exceptional speed.