I own foo.com and bar.com. I am managing both in Route53. foo.com hosts my site, and I\'d like to direct traffic from bar.com
You should use the DNAME instead of a CNAME. A CNAME record is only able to redirect the label to another label.
When you talk about redirecting domain names instead of labels, you should use DNAME
$ORIGIN bar.com
IN DNAME foo.com
This also means that every A, NS and any more records should be deleted. This have to be configured in the foo.com domain.