Gareth Bale scored two fine free kicks to hand Andre Villas-Boas' side a slight advantage for the return leg, but Samuel Umtiti's wonder strike for the Ligue 1 side gives Remi Garde's side a chance of progressing to the quarterfinals.
And while 41-year-old Friedel is confident Spurs can hit the French side on the counter as the hosts go searching for goals on Thursday, he is under no illusions as to the task that lies ahead.
"It's two good teams both trying to progress and it's by no means a massive advantage - just a small advantage," he told reporters.
"They are going to have come out and try to score and hopefully that will leave it a bit open at the back and could leave chances for us."
Friedel is likely to continue in goal for the Premier League side despite No.1 goalkeeper Hugo Lloris having the chance to play against his former team in the clash at Stade de Gerland.
Tottenham is currently riding high in fourth position in the Premier League table, four points clear of nearest challengers and locals rivals Arsenal as it seeks to qualify for the Champions League next season.