Didier Deschamps' men looked to have secured victory in Nice when forward Antoine Griezmann gave France the lead eight minutes from time.
However, midfielder Victor Caceres struck in the 89th minute to earn a draw for the South American outfit, who missed out on the World Cup after a dreadful qualification campaign.
The disappointing result came on the back of a comfortable 4-0 triumph over Norway, but Paris Saint-Germain playmaker Cabaye insists that their morale has not been affected by the draw.
"For this game, we encountered a tough team," Cabaye said. "They put in a tough game, they never gave up until the end.
"Then there were some good things, we had some good plays despite the fatigue because we work a lot, we're doing well in preparation and our legs are quite stiff but were a bit unlucky compared to the game against Norway.
"We were not exactly overjoyed after the game against Norway and I don't think we lost any confidence after this game."
Defender Mamadou Sakho echoed Cabaye's sentiments, denying that the result was a setback.
"I wouldn't say it's a setback but this result is a bit frustrating," Sakho said.
"This team (Paraguay) was quite far back in its own half so I think tonight we played the right way but maybe the efficiency was not what we expected but when you create chances, it's always positive."
