Results of fecal occult blood test came back positive on 1 of 3 test strips doctor has referred me to get colonoscopy and EGD. Am worried about cancer?

FOBT. While cancer is of course on the list of possibilities, a positive fecal occult blood test in no way diagnoses someone with cancer. There are many other benign possibilities. But investigations are necessary as treatment may be necessary for even a benign finding.
Very unlikely. You have bleeding in your intestine and a colonoscopy is a reasonable investigation to identify the source of bleeding. However, the risk of colon cancer at your age is very unlikely.