Consider any expression using only the implication $\to$. Possibly it is very long, such as $(((A\to B)\to ((A\to A)\to(B\to A)))\to (A\to B))$ or what have you. Perhaps it has millions of symbols, or just a few.
In any case, consider the very last propositional variable that appears in the statement, such as the variable $B$ in the example above, which appears at the extreme right. Let's imagine a case where that variable is true. It follows that the implication it appears in is also true, and so the next level implication that appears in is true, and so on all the way out to the top-level implication. So the whole expression will be true, provided that we specify merely that that variable at the end is true. But $A\leftrightarrow B$ cannot be guaranteed true by knowing only that one of the variables is true. Therefore, we cannot express $A\leftrightarrow B$ in terms of the conditional $\to$.