The itinerant metamagnet UCoAl has been investigated by high field X-ray magnetic circular dichroism (XMCD) at the U M4,5 and Co K edges. The orbital and spin moments of U at 2.1 K for H || c applied below and above the first order metamagnetic transition field (HM) have been determined. The magnetism of UCoAl is dominated by the U moment. There is no evidence for any change of the orbital to spin moment ratio (∼-2.05) across HM and within the ferromagnetic phase up to 17 T. The possibility of a Fermi surface reconstruction at HM remains an open option. XMCD at the Co K-edge reveals the presence of a small Co 4p-orbital moment parallel to the macroscopic magnetization. In addition, the Co 3d-moment is estimated to be at most 0.1 μB at 17 T. The similar field dependence of the U and Co magnetizations indicates that the Co moment is induced by the U moment.